Holding(s) in Company

Paddy Power plc
21 February 2003

Paddy Power plc

21 February 2003

Re: Holding in Company

A letter from Merrill Lynch Investment Managers Limited to Paddy Power plc dated
18 February 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: 17th February 2003

Class of shares: EUR0.10 Ordinary Shares

Total interest held by: Merrill Lynch Investment Managers Limited - 4,138,650
(8.77%)

Made up as follows:
Registered Holders (if known)     Number of shares    Investment Management Company  Beneficial Interests?
                                                        (if separately Disclosable)
                                                                                                  (Yes/No)
Rowan Nominees Limited                   2,498,679                                                      No

(Designated & Undesignated)
Nutraco Nominees Limited                   376,386                                                      No
AIB Dublin                                  67,724                                                      No
Chase Nominees Limited                     343,697                                                      No
Mellon Nominees Limited                    374,732                                                      No
Other Names                                477,432                                                      No
Total                                    4,138,650


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