Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

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

The Paragon Group of Companies PLC

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

An acquisition or disposal of voting rights

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

An event changing the breakdown of voting rights

Other (please specify):

The attached filing represents an amended filing since OppenheimerFunds, Inc. holdings of the Issuer were incorrectly stated on the filing made on 27/08/09 (incorrectly noted 41,112; correct number of shares held is 8,664,935). Please note that the percentage ownership of 2.9% was correctly stated.

 X

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

OppenheimerFunds Inc.

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

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

26 August 2009

6. Date on which issuer notified:

27 August 2009

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

3% (falling below 2.9%)

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the 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

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00B2NGPM57

10,917,016

10,917,016

8,664,935

8,664,935

2.9%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

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

% of voting rights

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

Resulting situation after the triggering transaction

Type of financial instrument

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

8,664,935

2.9%

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

Massachusetts Mutual Life Insurance Company is the Parent Company of OppenheimerFunds Inc.

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:

John G. Gemmell

Group Company Secretary

15. Contact telephone number:

 0121 712 2075