TR-1: Standard Form of Notification

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
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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): [X] An acquisition or disposal of voting rights [ ] An acquisition or disposal of financial instruments [ ] An event changing the breakdown of voting rights [ ] Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv :
Name: Bank of Montreal		City and country of registered office (if applicable): Montreal, Canada
4. Full name of shareholder(s) (if different from 3.)^v:
5. Date on which the threshold was crossed or reached^vi: 24/01/2018
6. Date on which issuer notified: 25/01/2018
7. Threshold(s) that is/are crossed or reached: Reaching & Crossing 5% threshold
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 issuer^vii
Resulting situation on the date on which threshold was crossed or reached	4.89	0.15	5.03	761,672,549
Position of previous notification (if applicable)	4.02	0.10	4.12

9. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii:
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)	Number of voting rights^ix					% of voting rights
	Direct			Indirect		Direct		Indirect
IE00BWY4ZF18				37,248,557				4.89%


SUBTOTAL A				37,248,557				4.89%

B 1: Financial Instruments according to Regulation 17(1)(a) of the Regulations
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
Stock on loan		N/A	N/A			1,108,739			0.15%


			SUBTOTAL B.1			1,108,739			0.15%

B 2: Financial Instruments with similar economic effect according to Regulation 17(1)(b) of the Regulations
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii		Number of voting rights		% of voting rights



					SUBTOTAL B.2

10. Information in relation to the person subject to the notification obligation (please tick the applicable box): [ ] 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 [X] 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 entity^xiv:
Name^xv	% 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
Please see attachment





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

12. Additional information^xvi: Voting rights are held by as discretionary investment manager for our underlying clients

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