FRN Variable Rate Fix

FRN Variable Rate Fix

Bank of New York Mellon

As Agent Bank, please be advised of the following rate determined on: 13/12/11
Issue	¦ LANCASHIRE HOLDINGS LIMITED - EUR 24,000,000 Unsecured Junior SUB Notes due 15 Jun 2035
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ISIN Number	¦ Lancashire
ISIN Reference	¦ LANC 2035
Issue Nomin EUR	¦ 24,000,000
Period	¦ 15/12/11 to 15/03/12			Â		Payment Date 15/03/12
Number of Days	¦ 91
Rate	¦ 5.126
Denomination EUR	¦ 100,000		¦				Â	¦
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Amount Payable per Denomination	¦ 1,295.74		¦					¦
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Bank of New York
Rate Fix Desk			Telephone			¦ 44 1202 689580
Corporate Trust Services			Facsimile			¦ 44 1202 689601