Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:

Telit Communications 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 qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

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

Algebris Investments (UK) LLP

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

Algebris Global Financials Master Fund

Managed Accounts Master Fund Services - MAP 1

5. Date of the transaction and date onwhich the threshold is crossed orreached:

16/05/2012

6. Date on which issuer notified:

18/05/2012

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

Going below 20% and 19%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00B06GM726

20,312,500

20,312,500

19,052,500

19,052,500

18.54%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights,

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

19,052,500

18.54%

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

Algebris Investments (UK) LLP has been appointed as Investment Manager to the Algebris Global Financials Master Fund and the Managed Accounts Master Fund Services - MAP 1. Under the terms of the investment management agreement, Algebris Investments (UK) LLP holds the power to vote any physical shareholdings held by these clients.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

TCI Fund Services LLP provides compliance services to Algebris Investments (UK) LLP and is completing this disclosure on behalf Algebris Investments (UK) LLP. Please contact Angus Milne for any further information.

14. Contact name:

Angus Milne

15. Contact telephone number:

0207 440 2330