Holding(s) in Company

On 16th February 2009, 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 the notification

An acquisition or disposal of voting rights - Yes

3. Full name of person(s) subject to the notification obligation :

Red and White Securities Limited (a company incorporated in Jersey with
registered no.98539)

4. Full name of shareholder(s) (if different from 3):

See additional information at 13 below

5. Date of the transaction :
(and date on which the threshold is crossed or reached if different)

16th February 2009

6. Date on which issuer notified:

16th February 2009

7. Threshold(s) that is/are crossed or reached:

25%

8. Notified details:

A: Voting rights attached to shares

Class/type of Shares - Ordinary Shares

Situation previous to the triggering transaction

Number of Shares 14,948

Number of Voting Rights 14,948

Resulting situation after the triggering transaction

Number of Shares 15,555

Number of Direct Voting Rights 10,591

Number of Indirect Voting Rights 4,964

Percentage of Direct Voting Rights 17%

Percentage of Indirect Voting Rights 8%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument N/A

Expiration date N/A

Exercise/ Conversion Period/ Date N/A

Number of voting rights that may be acquired if the instrument is exercised/

converted N/A

% of voting rights N/A

Total (A+B)

Number of voting rights 15,555

% of voting rights 25%

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 15,555 ordinary shares
in Arsenal Holdings plc owned by RWS, have been granted to the Parent Company.

Mr Alisher Burkhanovich Usmanov and Mr Ardavan Farhad Moshiri are each
beneficially interested in 50% of the entire issued share capital of the Parent
Company.

Proxy Voting:

10. Name of the proxy holder: N/A

11. Number of voting rights proxy holder will cease to hold: N/A

12. Date on which proxy holder will cease to hold voting rights: N/A

13. Additional information:

Registered Owners

Red and White Securities Limited - 10,591 shares

Brewin Nominees ( Channel Islands ) Limited JPAL Acct - 3,610 shares.

NB - A further 29 shares are currently being registered in the name of Brewin
Nominees ( Channel Islands ) Limited JPAL Acct.

Lynchwood Nominees Limited 2006420 Acct - 1,325 shares.

14. Contact name: Alex Woodfield

15. Contact telephone number: + 44 (0) 20 7861 4000