Holding(s) in Company

Paddy Power plc
06 March 2003


Paddy Power plc

6 March 2003

Re:     Holding in Company

A letter from Merrill Lynch & Co., Inc. to Paddy Power plc dated 4 March 2003,
received by the Irish Stock Exchange on 6 March 2003.

Irish Companies Act 1990 ss 67-89

We understand that Merrill Lynch Investment Managers Ltd. ('MLIM') has disclosed
their interest to you with regard to a change of circumstances affecting their
interest under the above legislation.

This letter serves as notification, by reason of the provisions of section 72 of
the above Act, that:

 a. the companies the names and addresses of which are set out in the first part
    of the Schedule to this letter (being certain holding companies of MLIM),
    have the interests in relevant share capital of your company disclosed in
    the first attachment to this letter;
 b. the companies the names and address of which are set out in the second part
    of the Schedule to this letter, which are holding companies of MLIM and of
    certain other companies, have the interests in relevant share capital of
    your company disclosed in the first attachment to this letter and the
    additional interests (if any) disclosed in the second attachment to this
    letter.

If you have any queries regarding the contents of this letter, please contact
Alasdair Coutts-Britton on 020-7996-3565, Facsimile 020-7996-1174.

Yours faithfully,

Merrill Lynch & Co., Inc.



First attachment
Company Name:     Paddy Power plc                                       Date: 27 February 2003

Class of Shares:     EUR0.10 Ordinary Shares
Total Interest held by:             Merrill Lynch Investment Managers
                                                              Limited                    4,150,369 (8.80%)

Made up as follows:

Registered Holder                                    Number of Shares         Investment        Beneficial
(if known)                                                                    Management        Interests?
                                                                             Company (if          (Yes/No)
                                                                              separately
                                                                            disclosable)
Rowan Nominees Limited                                      2,498,679                                   No
(Designated & Undesignated)
Nutraco Nominees Limited                                 226,116                                        No
AIB Dublin                                                     67,724                                   No
Chase Nominees Limited                                        400,000                                   No
Mellon Nominees Limited                                       374,732                                   No
Other Names                                                   583,118                                   No
Total                                                       4,150,369




Second attachment

Company:     Paddy Power plc                    as of 27 February 2003

Class of shares:     EUR0.10 - Common Stock

Each company named below is interested in the aggregate number of the shares
identified above set opposite its name. Where the number includes shares
additional to those shown in the first attachment to the accompanying letter,
certain further details are also set out below:
                                                     Requisite details in respect of shares
                                                     additional to those shown in the first attachment


Company                              Aggregate number      Number and (if known)           Interest within
                              Of shares interested in          registered holder            Section 77 (6)
                                                                                       Companies Act 1990?
Merrill Lynch & Co., Inc.                   4,215,475                     62,317                         -
Merrill Lynch & Co., Inc.                   4,153,168                          -                         -




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