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  
      (the "Company")                         in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
                                              (i) a transaction notified in    
                                              accordance with DTR 3.1.2 R, (ii)
                                              a disclosure made in accordance  
                                              with LR 9.8.6R(1)                
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
      Neil McConachie (Executive              director named in 3 and identify 
      Director)                               connected person                 
                                                                               
                                              N/A                              
                                                                               
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                                                  
                                              Options over common shares of    
      Person referred to at 3 above.          US$0.50 each                     
                                                                               
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                                           
                                              Cash exercise of 150,000 options 
      Neil McConachie                         over the common shares of US$0.50
                                              each awarded under the Company's 
                                              Long Term Incentive Plan adopted 
                                              by the Company's shareholders on 
                                              7 December 2005 and subsequently 
                                              amended by the Company's         
                                              shareholders on 4 January 2008.  
                                                                               
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         
      N/A                                     percentage)                      
                                                                               
                                              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         
      150,000 options over the common         percentage)                      
      shares of US$0.50 each                                                   
                                              N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                                                               
      £356,634.86GBP                          6 August 2010                    
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transactions                     
      holding following notification                                           
      (any treasury shares should not         11 August 2010                   
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      (See Section 23)                                                         

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.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
                                                                               
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                                                              

23.   Any additional information        24.   Name of contact and telephone    
                                              number for queries               
      Following the above transaction                                          
      noted in section 8 above, Neil          Greg Lunn [phone]        
      McConachie holds the following                                           
      interests in the Company:                                                
                                                                               
      Restricted Share Scheme Awards -                                         
      398,507*                                                                 
                                                                               
      Long Term Incentive Plan - 50,000                                        
                                                                               
      Time vesting warrants - 770,869                                          
                                                                               
      Performance warrants - 185,491                                           
                                                                               
      Common Shares - 250,000                                                  
                                                                               
      *Pursuant to the Rules of the                                            
      Restricted Share Scheme, the                                             
      number of shares that will                                               
      actually vest depends on the                                             
      satisfaction of certain                                                  
      conditions including performance                                         
      and time conditions.                                                     

Name of authorised official if issuer making notification                      
                                                                               
Greg Lunn                                                                      
                                                                               
Company Secretary                                                              
                                                                               
11 August 2010