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                                            x
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in the acquisition of shares already issued to which voting rights are attached         
                                                                                        
An acquisition or disposal of instruments with similar economic effect to              x
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                           Correction of Shareholder Name       x
                                                                                        
3. Full name of person(s) subject to the                                 Frank W. Cawood
notification obligation:iii                                                             
                                                                       Timothy W. Anders
                                                                                        
                                                   Frank W. Cawood, Frank W. Cawood IRA,
                                                   Timothy W. Anders 401K Account, Frank
                                                       W. Cawood & Associates, Inc., The
                                                       Cawood Foundation, Inc.  Gayle R.
4. Full name of shareholder(s)                     Cawood IRA, Irrevocable Living Trusts
 (if different from 3.):iv                            (7) FBO Nathan Paul Cruver, Joelle
                                                    Rachel Cruver, Andrew Reuben Cruver,
                                                   Seth David Cruver, Natalie C. Cruver,
                                                   Benjamin John Cawood and Joseph Louis
                                                                                  Cawood
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                   Notification to Company on 11/4/2010
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                             11/19/2010
                                                                                        
7. Threshold(s) that is/are crossed or                                          Under 9%
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                                                                   Indirect                        
                                            Direct     Direct xi       xii      Direct    Indirect     
                                                                                                       
                                                                                                       
                                                                                                       
          1,285,813           1,285,813        866,202    866,202      419,611  0.569%    0.276%       
Common                                                                                                 
Share                                                                                                  
                                                                                                       
                                                                                                       
                                                                                                       
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  instrument refers to       xix, xx              
instrument                                 period                                                      
                                           xviii                                                       
                                                                                                       
                                                                                  Nominal   Delta      
                                           Until                                                       
Warrant     5.00 USD          12/16/2015   Expiry      12,307,577                                      
                                                                                  8.089%               
                                                                                                       
                                                                                                       
                                                                                                       
                                                                                                       
Total (A+B+C)                                                                                          
                                                                                                       
Number of voting rights                           Percentage of voting rights                          
                                                                                                       
13,593,390                                        8.934%                                               
                                                                                                       


 

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 Cawood 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                  
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.
                                                                                        
14. Contact name:                                                      Timothy W. Anders
                                                                                        
15. Contact telephone number:                                               770-487-6307