Press Release - Paddy Power

HG Capital Trust PLC
13 September 2004


          HgCapital Trust plc realises investment in Paddy Power plc

London, 13 September 2004.   The board of HgCapital Trust plc announces the
completion of the realisation of its investment in Paddy Power plc, Ireland's
largest chain of bookmakers, with the final tranche of shares sold on 6
September 2004.  The realisation forms part of an overall realisation by
HgCapital, the investment manager of HgCapital Trust plc.  HgCapital Trust has
been a shareholder in Paddy Power since June 2000.  During that time HgCapital
Trust has achieved a profit of £2.6 million and a compound annual rate of return
of over 70%.  This realisation will not have a material effect on the net asset
value of HgCapital Trust plc.

Paddy Power floated on the London and Dublin Stock Exchanges in December 2000.

13 September 2004


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