Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.    Name of the issuer                2.    State whether the notification   
                                              related to (i) a transaction     
      Lancashire Holdings Limited             notified in accordance with DTR  
                                              3.1.2 R, (ii) a disclosure made  
                                              in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
                                              (i) and (ii)                     
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
      (1) Richard Brindle (Executive          director named in 3 and identify 
      Director)                               connected person                 
                                                                               
      (2) Simon Burton (Executive             N/A                              
      Director)                                                                
                                                                               
      (3) Neil McConachie (Executive                                           
      Director)                                                                
                                                                               
      (4) Greg Lunn (PDMR)                                                     
                                                                               
      (5) Alex Maloney (PDMR)                                                  
                                                                               
5.    Indicate whether the notification 6.    Description of shares (including 
      is in respect of a holding of the       class), debentures or derivatives
      person referred to in 3 or 4            or financial instruments relating
      above or in respect of a                to shares                        
      non-beneficial interest                                                  
                                              Common shares of US$0.50 each    
      Persons referred to at 3 above.                                          
                                                                               
7.    Name of registered shareholder(s) 8.    State the nature of the          
      and, if more than one, the number       transaction                      
      of shares held by each of them                                           
                                              (1) Vesting of Restricted Share  
      (1) Richard Brindle                     Awards                           
                                                                               
      (2) Simon Burton                        granted over common shares of    
                                              US$0.50                          
      (3) Neil McConachie                                                      
                                              each under the Lancashire        
      (4) Greg Lunn                           Holdings                         
                                                                               
      (5) Alex Maloney                        Limited Restricted Share Scheme  
                                              (such                            
                                                                               
                                              grant previously notified to the 
                                              market on                        
                                                                               
                                              31 March 2008). The number of    
                                              shares                           
                                                                               
                                              noted is net of applicable tax.  
                                                                               
                                              (2) Forfeitable common shares of 
                                              US$0.50                          
                                                                               
                                              each awarded on 25 March 2010    
                                              pursuant                         
                                                                               
                                              to a Lancashire Holdings Limited 
                                              bonus                            
                                                                               
                                              deferral scheme; such shares will
                                              vest two                         
                                                                               
                                              years from the date of award.    
                                              (assuming                        
                                                                               
                                              the recipient remains employed on
                                              the                              
                                                                               
                                              date of vesting.)                
                                                                               
9.    Number of shares, debentures or   10.   Percentage of issued class       
      financial instruments relating to       acquired (treasury shares of the 
      shares acquired                         class should not be taken into   
                                              account when calculating         
      (1) Richard Brindle - 51,760            percentage)                      
      common                                                                   
                                              (1) Richard Brindle - 0.01661%   
      shares*a                                                                 
                                              (2) Simon Burton - 0.01309%      
      (2) Simon Burton - 22,254 common                                         
      shares                                  (3) Neil McConachie - 0.01309%   
                                                                               
      (3) Neil McConachie - 22,254            (4) Greg Lunn - 0.00982%         
      common                                                                   
                                              (5) Alex Maloney - 0.00771%      
      shares                                                                   
                                                                               
      (4) Greg Lunn - 16,690 common                                            
      shares                                                                   
                                                                               
      (5) Alex Maloney - 23,358 common                                         
      shares*b                                                                 
                                                                               
      *a Of which 23,521 shares                                                
      represent forfeitable shares                                             
      awarded on 25 March 2010 pursuant                                        
      to a bonus deferral scheme; such                                         
      shares will vest two years from                                          
      the date of award.                                                       
                                                                               
      *b Of which 10,252 shares                                                
      represent forfeitable shares                                             
      awarded on 25 March 2010 pursuant                                        
      to a bonus deferral scheme; such                                         
      shares will vest two years from                                          
      the date of award.                                                       
                                                                               
11.   Number of shares, debentures or   12.   Percentage of issued class       
      financial instruments relating to       disposed (treasury shares of the 
      shares disposed                         class should not be taken into   
                                              account when calculating         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                              28 March 2010                    
      £4.8435                                                                  
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         9 April 2010                     
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      (1) Richard Brindle (Executive                                           
      Director) - 815,352 (0.48%)                                              
                                                                               
      (2) Simon Burton (Executive                                              
      Director) - 202,254 (0.12%)                                              
                                                                               
      (3) Neil McConachie (Executive                                           
      Director) - 261,524 (0.15%)                                              
                                                                               
      (4) Greg Lunn (PDMR) - disclosure                                        
      not required.                                                            
                                                                               
      (5) Alex Maloney (PDMR) -                                                
      disclosure not required.                                                 

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes                                        
                                                                               
17.   Date of grant                     18.   Period during which or date on   
                                              which exercisable                
      25 March 2010                                                            
                                              In accordance with the Restricted
                                              Share Scheme adopted by the      
                                              shareholders on 4 January 2008,  
                                              vesting will occur on a date     
                                              after 31 December 2011 when and  
                                              to the extent that the           
                                              performance conditions have been 
                                              met in accordance with the Rules 
                                              of the Restricted Share Scheme.  
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
      Nil                                                                      
                                              Restricted Share Awards granted  
                                              over common shares of US$0.50    
                                              each under the Restricted Share  
                                              Scheme                           
                                                                               
                                              (1) Richard Brindle - 375,000    
                                                                               
                                              (2) Simon Burton - 81,250        
                                                                               
                                              (3) Neil McConachie - 152,500    
                                                                               
                                              (4) Greg Lunn - 68,250           
                                                                               
                                              (5) Alex Maloney - 96,250        
                                                                               
21.   Exercise price (if fixed at time  22.   Total number of shares or        
      of grant) or indication that            debentures over which options    
      price is to be fixed at the time        held following notification      
      of exercise                                                              
                                              Total number of Restricted Share 
      Nil                                     Awards granted under the         
                                              Restricted Share Scheme and held 
                                              following notification:          
                                                                               
                                              (1) Richard Brindle - 1,085,626  
                                                                               
                                              (2) Simon Burton - 293,066       
                                                                               
                                              (3) Neil McConachie - 362,845    
                                                                               
                                              (4) Greg Lunn - 184,159          
                                                                               
                                              (5) Alex Maloney - 241,927       
                                                                               
                                              The actual number of shares to   
                                              vest is dependent on the Rules of
                                              the Scheme including, inter alia,
                                              the satisfaction of applicable   
                                              performance conditions.          
                                                                               
                                              Total number of options granted  
                                              under the Long Term Incentive    
                                              Plan and held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 75,000     
                                                                               
                                              (2) Simon Burton - 800,000       
                                                                               
                                              (3) Neil McConachie - 333,348    
                                                                               
                                              (4) Greg Lunn - 181,771          
                                                                               
                                              (5) Alex Maloney - 137,500       
                                                                               
                                              Total number of time vesting     
                                              warrants held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 7,625,217  
                                                                               
                                              (2) Simon Burton - 559,182       
                                                                               
                                              (3) Neil McConachie - 770,869    
                                                                               
                                              (4) Greg Lunn - 317,717          
                                                                               
                                              Total number of performance      
                                              warrants held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 741,964    
                                                                               
                                              (2) Simon Burton - 117,478       
                                                                               
                                              (3) Neil McConachie - 185,491    
                                                                               
                                              (4) Greg Lunn - 83,471           
                                                                               
                                              Total number of Founder warrants 
                                              held following notification:     
                                                                               
                                              Richard Brindle - 46,260         

23.   Any additional information        24.    Name of contact and telephone   
                                               number for queries              
      On 26 March 2010 Alex Maloney                                            
      exercised for cash 32,087 options        Greg Lunn [phone]       
      for cash over the common shares                                          
      of US$0.50 each awarded under the                                        
      Company's Long Term Incentive                                            
      Plan adopted by the Company's                                            
      shareholders on 7 December 2005                                          
      and subsequently amended by the                                          
      Company's shareholders on 4                                              
      January 2008. On the same date he                                        
      also exercised for cash 397,147                                          
      time vesting warrants and 95,064                                         
      performance warrants.                                                    

Name of authorised official if issuer for making notification                  
                                                                               
Greg Lunn                                                                      
                                                                               
Company Secretary                                                              
                                                                               
13 April 2010                                                                  

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.1.4

 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 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.