Flybe Group Regulatory News (FLYB)

For filing with the FSA including the annex

For filing with issuer excluding the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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

Flybe Group 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: iii

SFM UK Management LLP

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

Quantum Partners LP

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

5 May 2011

6. Date on which issuer notified:

6 May 2011

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

5%

8. Notified details:

A: Voting rights attached to shares viii, ix

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 x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B4QMVR10

N/A

N/A

2,950,000

2,950,000

0

3.94%

0.00%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

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

% of votingrights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Contract for Difference

N/A

N/A

N/A

1,398,400

Nominal

Delta

1.87%

1.87%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

4,348,400

5.81%

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

This statement relates to common shares and a Contracts for Difference ("CFD") held for the account of Quantum Partners LP, a Cayman Islands exempted limited partnership ("Quantum Partners").SFM UK Management LLP, a sub-advisor to Soros Fund Management LLC, serves as investment manager to Quantum Partners and has been granted investment discretion over portfolio investments, including the common shares and the CFD, held for the account of Quantum Partners.

Proxy Voting:

10. Name of the proxy holder:

N/A

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

N/A

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

N/A

13. Additional information:

N/A

14. Contact name:

Michael Flynn

15. Contact telephone number:

212-320-5523