Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
of existing shares to which voting rights are                Lancashire Holdings Limited
attached:ii                                                                             
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                     Yes     
                                                                                        
An acquisition or disposal of qualifying financial instruments which may                
result in the acquisition of shares already issued to which voting rights       Yes     
are attached                                                                            
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                                 Frank W. Cawood
notification obligation:iii                                                             
                                                                       Timothy W. Anders
                                                                                        
4. Full name of shareholder(s)                              Frank W. Cawood IRA, Timothy
 (if different from 3.):iv                                       W. Anders 401K Account,
                                                                       Frank W. Cawood &
                                                            Associates, Inc., The Cawood
                                                              Foundation, Inc.  Gayle R.
                                                              Cawood 401K Account, Gayle
                                                              R. Cawood IRA, Irrevocable
                                                            Living Trusts (7) FBO Nathan
                                                              Paul Cruver, Joelle Rachel
                                                                   Cruver, Andrew Reuben
                                                              Cruver, Seth David Cruver,
                                                             Natalie C. Cruver, Benjamin
                                                            John Cruver and Joseph Louis
                                                                                  Cawood
                                                                                        
5. Date of the transaction and date on                        Notification to Company on 
which the threshold is crossed or                                               5/7/2010
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                              5/21/2010
                                                                                        
7. Threshold(s) that is/are crossed or                                           Over 8%
reached: vi, vii                                                                        
                                                                                        


 

8. Notified details:                                                                                     
                                                                                                         
A: Voting rights attached to shares viii, ix                                                             
                                                                                                         
Class/   Situation previous              Resulting situation after the triggering transaction            
type of  to the triggering                                                                               
shares   transaction                                                                                     
                                                                                                         
                                                                                                         
if       Number           Number         Number           Number of voting         % of  voting rights x 
possible of               of             of shares        rights                                         
using    Shares           Voting                                                                         
the ISIN                  Rights                                                                         
CODE                                     Direct           Direct xi  Indirect xii  Direct  Indirect      
                                                                                                         
                                                                                                         
Common                                   1,539,213        1,042,608  496,605       0.66%   0.32%         
Shares                                                                                                   
                                                                                                         
                                                                                                         
                                                                                                         
                                                                                                         
                                                                                                         
B: Qualifying Financial Instruments                                                                      
                                                                                                         
Resulting situation after the triggering transaction                                                     
                                                                                                         
Type of         Expiration      Exercise/                   Number of voting              % of voting    
financial       date xiii       Conversion Period xiv       rights that may be            rights         
instrument                                                  acquired if the                              
                                                            instrument is                                
                                                            exercised/ converted.                        
                                                                                                         
                                                                                                         
                                                                                                         
                                                                                                         
                                                                                                         
C: Financial Instruments with similar economic effect to Qualifying Financial                            
Instruments xv, xvi                                                                                      
                                                                                                         
Resulting situation after the triggering transaction                                                     
                                                                                                         
Type of    Exercise price Expiration    Exercise/         Number of voting rights   % of voting rights   
financial                 date xvii     Conversion period instrument refers to      xix, xx              
instrument                              xviii                                                            
                                                                                                         
                                                                                                         
Warrant    5.00 GBP       12/16/2015    Until Expiry      11,660,022                Nominal Delta        
                                                                                                         
                                                                                    7.35%                
                                                                                                         
                                                                                                         
                                                                                                         
Total (A+B+C)                                                                                            
                                                                                                         
Number of voting rights                         Percentage of voting rights                              
                                                                                                         
13,199,235                                      8.32%                                                    
                                                                                                         


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
Frank W. Cawood controls the voting rights for the Frank W. Cawood IRA, Frank           
W. Cawood & Associates, Inc. and for The Cawood Foundation, Inc. Mr. Cawood may         
be deemed to have voting control for The Cawood Foundation, Inc. shares, but he         
disclaims any beneficial ownership.                                                     
                                                                                        
Timothy W. Anders controls the voting rights for Timothy W. Anders 401K Account         
and as the Trustee for Irrevocable Living Trusts (7) FBO Nathan Paul Cruver,            
Joelle Rachel Cruver, Andrew Reuben Cruver, Seth David Cruver, Natalie C.               
Cruver, Benjamin John Cruver and Joseph Louis Cawood.  Mr. Anders may be deemed         
to have voting control for Irrevocable Living Trust shares, but he disclaims            
any beneficial ownership.                                                               
                                                                                        
Gayle R. Cawood controls the voting rights for the Gayle R. Cawood IRA and the          
Gayle R. Cawood 401K Account.                                                           
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:    This information is to the best of our knowledge as of 26
                                   May 2010 using disclosed 158,718,607 common shares in
                                                      issue (excluding Treasury Shares).
                                                                                        
14. Contact name:                                                      Timothy W. Anders
                                                                                        
15. Contact telephone number:                                               770-487-6307