DGAP-UK-Regulatory: Fairpoint Group PLCShs

EQS-Regulatory: Adoption of Financial Reporting Standard FRS 102

Fairpoint Group plc / Miscellaneous Adoption of Financial Reporting Standard FRS 102

01-Feb-2016 / 13:39 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.

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1 February 2016

Fairpoint Group plc

Adoption of Financial Reporting Standard FRS 102

Fairpoint Group plc ('Fairpoint' or 'the Company' or 'the Group'), one of the UK's leading providers of consumer professional services, announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its Company financial statements and in particular those of its subsidiaries, which currently adopt United Kingdom Generally Accepted Accounting Practice (UK GAAP).

Fairpoint Group Plc's consolidated financial statements, which cover the Group as a whole, will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Group's financial statements are unaffected by this adoption going forward and do not require any changes to be made to historic reported numbers.

Having taken appropriate professional advice, the Board considers that it is in the best interests of the Group for the Company and its subsidiaries to adopt FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland. It is intended that for the year ended 31 December 2015 and for future accounting periods FRS 102 is adopted, and the disclosure exemptions permitted under FRS 102 are applied.

The Company's decision to adopt FRS 102 for its parent entity financial statements and those of its subsidiaries does not require shareholder approval. However, due to the election to take certain disclosure exemptions permitted under FRS 102, the Company is required to notify shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Objections must be served in writing to the Company Secretary at the Company's registered office (Eversheds House, 70 Great Bridgewater Street, Manchester, M1 5ES) no later than 2 March 2016.

Enquiries please contact:

Fairpoint Group plc Chris Moat, Chief Executive Officer 0845 296 0100 John Gittins, Group Finance Director

Shore Capital (Nomad and Joint Broker) Pascal Keane 020 7408 4090 Edward Mansfield

Panmure Gordon & Co (Joint Broker) Dominic Morley 020 7866 2500 Charles Leigh-Pemberton MHP Communications Reg Hoare 020 3128 8100 Katie Hunt

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01-Feb-2016 The EQS Distribution Services include Regulatory Announcements as well as Financial and Media Releases. Media archive at www.dgap.de/ukreg

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Language: English Company: Fairpoint Group plc Fairclough House, Church Street PR7 4EX Adlington, Lancashire United Kingdom Phone: +44 1257 486979 Fax: +44 844 826 1176 E-mail: abuck@fairpoint.co.uk Internet: www.fairpoint.co.uk ISIN: GB0032360280 WKN: 911565 Category Code: MSC TIDM: FRP Sequence Number: 2983 Time of Receipt: 01-Feb-2016 / 13:39 CET/CEST End of Announcement EQS News Service ---------------------------------------------------------------------------

433669 01-Feb-2016