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               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                               Crestview, L.L.C.
notification obligation:iii                                                             
                                                                                        
4. Full name of shareholder(s)                                                       N/A
 (if different from 3.):iv                                                              
                                                                                        
5. Date of the transaction and date on                                       1 July 2010
which the threshold is crossed or                                                       
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                            6 July 2010
                                                                                        
7. Threshold(s) that is/are crossed or                         From over 3% to under 3%.
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
possible  of                    of           of shares rights                  x                  
using     Shares                Voting                                                            
the ISIN                        Rights                                                            
CODE                                         Direct    Direct xi Indirect xii  Direct  Indirect   
                                                                                                  
                                                                                                  
Common                                                                                            
Shares    3,654,120             3,654,120    1,885,883           N/A           1.208%  N/A        
                                                       1,885,883                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
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.                     
                                                                                                  
N/A          N/A                 N/A                    N/A                          N/A          
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
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     
financial                       date xvii  Conversion  instrument refers to       rights xix, xx  
instrument                                 period                                                 
                                           xviii                                                  
                                                                                                  
                                December   N/A                                    Nominal Delta     
Warrants    $5.00               16, 2015               1,183,180                                  
                                                                                  0.758% N/A       
                                                                                                  
                                                                                                  
                                                                                                  
Total (A+B+C)                                                                                     
                                                                                                  
Number of voting rights                             Percentage of voting rights                   
                                                                                                  
3,069,063                                           1.966%                                        
                                                                                                  


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
Crestview Partners, L.P.                                       (Continues to            
hold under 3% of voting rights)                                                         
                                                                                        
Crestview Offshore Holdings (Cayman), L.P.      (Continues to hold under 3% of          
voting rights)                                                                          
                                                                                        
Crestview Holdings (TE), L.P.                             (Continues to hold            
under 3% of voting rights)                                                              
                                                                                        
Crestview Partners ERISA, L.P.                          (Continues to hold              
under 3% of voting rights)                                                              
                                                                                        
Crestview Partners (PF), L.P.                             (Continues to hold            
under 3% of voting rights)                                                              
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                        N/A
                                                                                        
11. Number of voting rights proxy holder will cease                                  N/A
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                    N/A
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                The total number of common shares in issue with voting  
13. Additional information:    rights (excluding shares held in treasury) used for the  
                                     final percentage calculation was 156,101,802       
                                                                                        
14. Contact name:                                                       Evelyn Pellicone
                                                                                        
15. Contact telephone number:                                             [phone]