Cairn Homes Plc: Holding(s) in Company

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the Central Bank of Ireland)i

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

Cairn Homes 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

[ ] An event changing the breakdown of voting rights

[ x] Other (please specify)iii:

Inadvertent passing of reporting threshold due to the issuer's transaction in own shares (refer to note 12).

3. Details of person subject to the notification obligationiv :

Name:

Paradigm Capital Value Fund SICAV

City and country of registered office (if applicable):

Grand Duchy of Luxembourg

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

Morgan Stanley & Co. International plc

5. Date on which the threshold was crossed or reachedvi:

21 March 2022

6. Date on which issuer notified:

21 April 2022

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

3%

8. Total positions of person(s) subject to the notification obligation:

% of voting rights attached to shares (total of 9.A)

% of voting rights through financial instruments
(total of 9.B.1 + 9.B.2)

Total of both in % (9.A + 9.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

3.02%

0%

3.02%

718,946,096

Position of previous notification (if applicable)

n/a

n/a

n/a

10. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ x] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[ ] Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

11. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

12. Additional informationxvi:

In the process of registering the shares for the AGM, we became aware of the issuer's transaction in own shares and the immediate cancellation of the purchased shares. This is the reason for the inadvertent crossing of the reporting threshold.

Please note the Total number of voting rights included in Box 8 is provided as of the date on which the reporting threshold was exceeded, 21 March 2022