Holding(s) in Company

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the Central Bank of Ireland)i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Paddy Power Betfair Plc

2. Reason for the notification (please tick the appropriate box or boxes):

[ ] An acquisition or disposal of voting rights

[X] An acquisition or disposal of financial instruments

[ ] An event changing the breakdown of voting rights

[ ] Other (please specify)iii:

3. Details of person subject to the notification obligationiv :

Name:

Parvus Asset Management Europe Limited

City and country of registered office (if applicable):

London, United Kingdom

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

Parvus Asset Management Europe Limited has been appointed as Investment Manager to a number of funds and managed accounts. Under the terms of the various investment management agreements, Parvus Asset Management Europe Limited holds the power to vote any physical shareholdings held by these clients. No individual client holds voting rights which equal or exceed the notifiable threshold.

5. Date on which the threshold was crossed or reachedvi:

12 September 2016

6. Date on which issuer notified:

14 September 2016

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

Going above 3% in Equity Swaps.

8. Total positions of person(s) subject to the notification obligation:

% of voting rights attached to shares (total of 9.A)

% of voting rights through financial instruments(total of 9.B.1 + 9.B.2)

Total of both in % (9.A + 9.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

0%

3.02%

3.02%

83,853,834

Position of previous notification (if applicable)

0%

2.89%

2.89%

9. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

Indirect

Direct

Indirect

SUBTOTAL A

B 1: Financial Instruments according to Regulation 17(1)(a) of the Regulations

Type of financial instrument

Expirationdatex

Exercise/Conversion Periodxi

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

% of voting rights

SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Regulation 17(1)(b) of the Regulations

Type of financial instrument

Expirationdatex

Exercise/Conversion Period xi

Physical or cash settlementxii

Number of voting rights

% of voting rights

Equity Swap

04/10/2016

N/A

Cash

23,379

0.03%

Equity Swap

30/11/2016

N/A

Cash

299,709

0.36%

Equity Swap

10/03/2017

N/A

Cash

385,330

0.46%

Equity Swap

28/04/2017

N/A

Cash

1,804,298

2.15%

Equity Swap

30/06/2017

N/A

Cash

8,401

0.01%

Equity Swap

05/07/2018

N/A

Cash

9,992

0.01%

SUBTOTAL B.2

2,531,109

3.02%

10. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X] Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Parvus Asset Management Europe Limited is controlled by Parvus Asset Management Limited and Oakentree Limited.Parvus Asset Management Limited is in turn controlled by Parvus Asset Management (Cayman) Limited, which is controlled by Edoardo Mercadante.Oakentree Limited is in turn controlled by Mads Gensmann.Messrs Mercadante and Gensmann are directors of Parvus Asset Management Europe Limited, which company holds the power to vote these shares.

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

11. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

N/A

12. Additional informationxvi:

N/A