Changes in Holdings

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

Fairpoint Group Plc

2. Reason for the notification (yes/no)

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

No

An event changing the breakdown of voting rights

No

Other (please specify):___________________________________________

No

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

Hanover I Master Fund where the shares are registered in the name of Vidacos Nominees Limited, Hanover Investment Management (Cayman) Limited and Dauphin Ventures Limited.

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

As above

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

18 March 2011

6. Date on which issuer notified:

22 March 2011

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

24%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares 

If possible use ISIN code

Situation previous to the Triggering transaction

 Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares 

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

Ord 1p

10,364,542

10,364,542

9,864,542

9,864,542

23.016%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument 

Expiration date

Exercise/ conversion period/ date

No. of voting rights that may be acquired (if the instrument is exercised / converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

9,864,542

23.016%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Vidacos Nominees Limited controls the total voting rights; being the vehicle managed by the Prime Broker to Hanover I Master Fund LP

Proxy Voting:

10. Name of the 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:

14. Contact name:

Michael Smith

15. Contact telephone number:

0207 766 8400