Holding(s) in Company

Paddy Power plc
28 April 2003

Paddy Power plc

28 April 2003

Re:     Holding in Company

A letter from Merrill Lynch & Co., Inc. to Paddy Power plc dated 25 April 2003,
received by the Irish Stock Exchange on 28 April 2003.

Irish Companies Act 1990 ss 67-89

We understand that Merrill Lynch Investment Managers Ltd. ('MLIM') has disclosed
their interest to you with regard to a change of circumstances affecting their
interest under the above legislation.

This letter serves as notification, by reason of the provisions of section 72 of
the above Act, that:

 a. the companies the names and addresses of which are set out in the first part
    of the Schedule to this letter (being certain holding companies of MLIM),
    have the interests in relevant share capital of your company disclosed in
    the first attachment to this letter;
 b. the companies the names and address of which are set out in the second part
    of the Schedule to this letter, which are holding companies of MLIM and of
    certain other companies, have the interests in relevant share capital of
    your company disclosed in the first attachment to this letter and the
    additional interests (if any) disclosed in the second attachment to this
    letter.

If you have any queries regarding the contents of this letter, please contact
Alasdair Coutts-Britton on 020-7996-3565, Facsimile 020-7996-1174.

Yours faithfully,

Merrill Lynch & Co., Inc.



Schedule

Part 1

Name                                                  Address

Merrill Lynch Investment Managers Ltd.                33 King William Street

                                                      London EC4R 9AS

ML Invest Holdings Limited                            25 Ropemaker Street
                                                      London EC2Y 9LY

ML Invest, Inc                                        World Financial Center
                                                      North Tower
                                                      250 Vesey Street
                                                      New York
                                                      NY 10281-1332

Part 2
Merrill Lynch Group Inc.                              World Financial Center
                                                      North Tower
                                                      250 Vesey Street
                                                      New York
                                                      NY 10281-1332

Merrill Lynch & Co., Inc.                             World Financial Center
                                                      North Tower
                                                      250 Vesey Street
                                                      New York
                                                      NY 10281-1332

First attachment

Company Name:     Paddy Power plc                     Date: 22 April 2003

Class of Shares:     EUR0.10 Ordinary Shares

Total Interest held by:       Merrill Lynch Investment Managers Limited             4,282,423 (9.08%)



Made up as follows:
Registered Holder                              Number                Investment                 Beneficial
(if known)                                  of Shares                Management                 Interests?
                                                                    Company (if                   (Yes/No)
                                                                     separately
                                                                   disclosable)

Rowan Nominees Limited                      2,498,679                                                   No
(Designated & Undesignated)
Nutraco Nominees Limited                      206,116                                                   No
AIB Dublin                                     68,909                                                   No
Chase Nominees Limited                        470,000                                                   No
Mellon Nominees Limited                       236,036                                                   No
Other Names                                   802,683                                                   No
Total                                       4,282,423


Second attachment

Company Name:     Paddy Power plc                      as of 22 April 2003

Class of shares:     EUR0.10 - Common Stock


Each company named below is interested in the aggregate number of the shares
identified above set opposite its name. Where the number includes shares
additional to those shown in the first attachment to the accompanying letter,
certain further details are also set out below:
                                                         Requisite details in respect of shares
                                                         additional to those shown in the first attachment

Company                       Aggregate number           Number and (if known)      Interest within
                              Of shares interested in    registered holder          section 77 (6)
                                                                                    Companies Act 1990?

Merrill Lynch & Co., Inc.                      4,283,023                        600                      -
Merrill Lynch Group , Inc.                     4,283,023                        600                      -






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