Frp Advisory Group Regulatory News (FRP)

24 March 2011

FAIRPOINT GROUP PLC

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/ person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes in block capital letters.

1. Name of the issuer

FAIRPOINT GROUP PLC

2. State whether the notification relates to

(i) a transaction notified in accordance with DR 3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)

(i) A TRANSACTION NOTIFIED IN ACCORDANCE WITH DR3.1.4R(1)(a)

3. Name of person discharging managerial responsibilities/director

MATTHEW PEACOCK

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

Connected persons:

VIDACOS NOMINEES LIMITED, on behalf of HANOVER MASTER FUND LP

HANOVER INVESTORS MANAGEMENT (CAYMAN) LTD

DAUPHIN VENTURES LTD

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

THE NOTIFICATION RELATES TO THE PERSONS REFERRED TO IN 4 ABOVE

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

1P ORDINARY SHARES

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

VIDACOS NOMINEES LIMITED - 9,608,915

HANOVER INVESTORS MANAGEMENT (CAYMAN) LTD - 244,545 after current sale of 147,175

DAUPHIN VENTURES LTD - nil, after current sale of 352,825

8 State the nature of the transaction

SALE OF SHARES

9. Number of shares, debentures or financial instruments relating to shares sold

500,000 On 18 March 2011

10. Percentage of issued class (treasury shares of that class should not be taken into account when calculating percentage)

22.42% - HANOVER MASTER FUND LP

0.57% - HANOVER INVESTORS MANAGEMENT (CAYMAN) LTD

11. Number of shares, debentures or financial instruments relating to shares disposed

N/A

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

N/A

13. Price per share or value of transaction

500,000 SHARES SOLD AT 78.2645p

14. Date and place of transaction

18 March 2011, LONDON

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

VIDACOS NOMINEES LIMITED - 9,608,915 SHARES ON BEHALF OF HANOVER MASTER FUND LP - 22.42%

HANOVER INVESTORS MANAGEMENT (CAYMAN) LTD - 244,545 - 0.57%

DAUPHIN VENTURES LTD - nil

16. Date issuer informed of transaction

22 March 2011

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant

N/A

18. Period during which or date on which it can be exercised

N/A

19. Total amount paid (if any) for grant of the option

N/A

20. Description of shares or debentures involved (class and number)

N/A

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

N/A

22. Total number of shares or debentures over which options held following notification

N/A

23. Any additional information

N/A

24. Name of contact and telephone number for queries

Michael Smith 0207 766 8408

Name and signature of duly authorised officer of issuer responsible for making Notification

Date of notification

22 March 2011