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             
          Director)                           N/A                              
      (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                                                  
                                                                           
      N/A                                     N/A                                  
                                                                               
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                                           
                                                                            
      N/A                                     N/A                                 
                                                                               
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         
                                              percentage)                      
                                                                               
      N/A                                     N/A                              
                                                                               
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         
                                              percentage)                      
                                                                               
      N/A                                     N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                                                            
      N/A                                     N/A                                 
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         N/A                              
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      (1) Richard Brindle (Executive                                           
          Director) - 430,065 (0.248%)                                             
      (2) Simon Burton (Executive                                              
          Director) - 240,000 (0.139%)                                             
      (3) Neil McConachie (Executive                                           
          Director) - 47,500 (0.027%)                                              
      (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                
                                                                    
      19 May 2009                             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                                     Options granted over common      
                                              shares of US$0.50 each under the 
                                              Restricted Share Scheme:          
                                              (1) Richard Brindle - 318,750    
                                              (2) Simon Burton - 93,125        
                                              (3) Neil McConachie - 99,375     
                                              (4) Greg Lunn - 67,500           
                                              (5) Alex Maloney - 63,750        
                                                                               
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 options granted  
      Nil                                     under the Restricted Share Scheme
                                              held following notification:     
                                              (1) Richard Brindle - 712,132    
                                              (2) Simon Burton - 224,757       
                                              (3) Neil McConachie - 222,661    
                                              (4) Greg Lunn - 125,849                
                                              (5) Alex Maloney - 161,556       
                                                                               
                                              Total number of options granted  
                                              under Long Term Incentive Plan   
                                              held following notification:     
                                              (1) Richard Brindle - 912,522    
                                              (2) Simon Burton - 800,000       
                                              (3) Neil McConachie - 708,348    
                                              (4) Greg Lunn - 277,087                
                                              (5) Alex Maloney - 402,087       
                                                                               
                                              Total number of time vesting     
                                              warrants held following          
                                              notification:                    
                                              (1) Richard Brindle - 7,625,217  
                                              (2) Simon Burton - 559,182       
                                              (3) Neil McConachie - 770,870    
                                              (4) Greg Lunn - 317,717                
                                              (5) Alex Maloney - 397,147       
                                                                               
                                              Total number of performance      
                                              warrants held following          
                                              notification:                    
                                              (1) Richard Brindle - 1,556,032  
                                              (2) Simon Burton - 246,372       
                                              (3) Neil McConachie - 389,008    
                                              (4) Greg Lunn - 175,054                
                                              (5) Alex Maloney - 199,366       

23.   Any additional information        24.    Name of contact and telephone   
                                               number for queries              
                                                                          
      None                                     Greg Lunn [phone]       


Name of authorised official if issuer for making notification                  
                                                                               
Teresa de Freitas
Assistant Company Secretary
Date: 20 May 2009 


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.