Holding(s) in Company

On 15th February 2008, Arsenal Holdings plc ( the "Company") received a notification from Red and White Securities Limited in the form set out below regarding the holding of ordinary shares in the Company.
   

TR-1: Notifications of Major Interests in Shares                               

1. Identity of the issuer or the underlying issuer of existing                 
shares to which voting rights are attached:                                    
                                                                               
Arsenal Holdings plc                                                           
                                                                               
2. Reason for notification                                             
                                                                               
An acquisition or disposal of voting rights                         Yes        
                                                                               
An acquisition or disposal of financial instruments which                      
may result in the                                                              
acquisition of shares already issued to which voting rights                    
are attached                                                                   
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify):                                                        
                                                                               
3. Full name of person(s) subject to     Red and White Securities Limited (a   
notification                             company incorporated in Jersey with   
obligation:                              registered no.98539)                  
                                                                               
4. Full name of shareholder(s) (if       See additional information at 13 below
different from 3):                                                             
                                                                               
5. Date of transaction (and date on      15th February 2008                    
which the                                                                      
threshold is crossed or reached if                                             
different):                                                                    
                                                                               
6. Date on which issuer notified:        15th February 2008                    
                                                                               
7. Threshold(s) that is/are crossed or   24%                                   
reached:                                                                       

8: Notified Details                                                            
                                                                               
A: Voting rights attached to shares                                            

Class/type of  Situation previous to         Resulting situation after         
shares            the triggering             the triggering transaction        
                    transaction                                                
                                                                               
If possible    Number of  Number of   Number     Number of      Percentage of  
use              shares     voting      of     voting rights    voting rights  
ISIN code                   rights    shares                                   
                                                                               
                                              Direct  Indirect Direct  Indirect
                                                                               
Ordinary           14,411     14,411   14,948  10,591    4,357     17%       7%
Shares                                                                         
                                                                               

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction                           

Type of          Expiration      Exercise/      No. of voting    Percentage of 
financial           date        conversion    rights that may be voting rights 
instrument                      period/date    acquired (if the                
                                                  instrument                   
                                                  exercised/                   
                                                  converted)                   
                                                                               

Total (A+B)                                                                    

Number of voting rights                 Percentage of voting rights            
                                                                               
14,948                                  24%                                    

9. Chain of controlled undertakings through which the voting rights and /or the
financial instruments are effectively held, if applicable:                     
                                                                               
Red and White Securities Limited ("RWS") is a wholly owned subsidiary of Red   
and White Holdings Limited (a company incorporated in Jersey with registered   
no.98333) (the "Parent Company")                                               
                                                                               
The right to exercise the voting rights attaching to the 14,948 ordinary shares
in Arsenal Holdings plc held by RWS, have been granted to the Parent Company.  
                                                                               
Mr Alisher Burkhanovich Usmanov and Mr Ardavan Farhad Moshiri each beneficially
own 50% of the entire issued share capital of the Parent Company.              

Proxy Voting:                                                                  
                                                                               
10. Name of proxy holder:                                                      
                                                                               
11. Number of voting rights proxy                                              
holder will cease to hold:                                                     
                                                                               
12. Date on which proxy holder will                                            
cease to hold voting rights:                                                   

13. Additional information:         Registered Owners                          
                                                                               
                                    Red and White Securities Limited - 10,591  
                                    shares                                     
                                                                               
                                    Brewin Nominees ( Channel Islands ) Limited
                                    JPAL Acct - 2,843 shares.                  
                                                                               
                                    NB - A further 189 shares are currently    
                                    being registered in the name of Brewin     
                                    Nominees ( Channel Islands ) Limited JPAL  
                                    Acct.                                      
                                                                               
                                    HSBC Global Custody Nominee (UK) Limited   
                                    813259 Acct - 1,325 shares.                
                                                                               
14 Contact name:                    Alex Woodfield                             
                                                                               
15. Contact telephone name:         + 44 (0) 20 7861 4000