Notification of Major Interests in Shares

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   (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights 

An acquisition or disposal of 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

Other (please specify):___________________________________________

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

Fortelus Capital Management LLP

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 if different):

1 June 2009 (previously held position prior to new ruling on 1 June 2009)

6. Date on which issuer notified:

2 June 2009

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

6%

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 viii

Number of shares 

Number of voting rights ix

% of voting rights

Direct x

Indirect xi

Direct

Indirect

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument 

Expiration date xiii

Exercise/ Conversion Period/ Date xiv 

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 xii

Type of financial instrument 

Expiration date xiii

Exercise/ Conversion Period/ Date xiv 

Number of voting rights instrument refers to 

% of voting rights

CFD

2,999,287

Total (A+B+C)

Number of voting rights

% of voting rights

2,999,287 shares held in instruments with similar economic effect

6.93% held in instruments with similar economic effect

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

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:

Andy Low

15. Contact telephone number:

0207 389 6153