Holding(s) in Company

Paddy Power plc
20 May 2003

Paddy Power plc

20 May 2003

Re: Holding in Company

A letter from Merrill Lynch Investment Managers Limited to Paddy Power plc dated
16 May 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: 15 May 2003

Class of shares:     EUR0.10 Ordinary Shares

Total interest held by : Merrill Lynch Investment Managers Limited - 4,055,384
(8.60%)

Made up as follows:
Registered Holders (if known)             Number of shares       Investment Management          Beneficial
                                                                Company (if separately           Interests? 
                                                                          disclosable)            (Yes/No)

Rowan Nominees Limited (Designated &             1,964,768                                              No
Undesignated)

Nutraco Nominees Limited                           205,463                                              No

AIB Dublin                                          68,909                                              No

Chase Nominees Limited                             470,000                                              No

Nortrust Nominees Limited                          100,110                                              No

Bank of New York Nominees Limited                  164,821                                              No

Mellon Nominees Limited                            388,501                                              No

Other Names                                        692,812                                              No

Total                                            4,055,384


                      This information is provided by RNS
            The company news service from the London Stock Exchange