Share Placing

Paddy Power plc
01 September 2004

Paddy Power plc

Share Sales

Paddy Power plc announces today 1st September 2004 that Goodbody Stockbrokers
and Investec have successfully placed, on behalf of a number of existing
shareholders, 3,182,355 existing ordinary shares in the company at a price of
€9.70 per share (stg£6.58). The shares have been placed primarily with
institutional investors in Ireland and the UK.

As part of the placing, the following share sales were undertaken by the
Directors:

                                Beneficial      Options          Shares    Beneficial holding         % of
                                   holding    exercised            sold          post-placing          ISC
                               pre-placing

John O'Reilly (note 1)             613,889      600,000       (600,000)               613,889        1.23%
Ross Ivers (note 1)                  3,007       30,000        (30,000)                 3,007        0.01%
Stewart Kenny (note 2)             259,832      720,000       (500,000)               479,832        0.96%

Note 1:

Under the Long Term Incentive Plan, John O'Reilly and Ross Ivers also hold share
awards of 60,000 and 40,000 respectively. In addition, following this placing,
John O'Reilly and Ross Ivers hold 300,000 and 302,466 options respectively.


Note 2:

In addition to selling 500,000 shares, Stewart Kenny, a non-executive director
of Paddy Power, has also sold 60,000 shares, at the same price, to family
trusts, following which he will have no beneficial interest in those shares. His
shareholding following the placing and sale is 419,832 representing 0.84% of the
issued share capital.

Following these share sales and exercise of options, the free float of Paddy
Power has increased to over 80%. For the calculation of basic EPS, the issued
share capital is 49,764,270, which excludes the 240,000 shares held by the LTIP.


End.

Enquiries:

Ross Ivers

Finance Director

Tel:     [phone]

Mob:     [phone]


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