Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                   Lancashire Holdings Limited
   of existing shares to which voting rights are                                   
   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):                                                                 
                                                                                        
                                                                                        
                                                                                      
                                                                 Robert S. Pitts, Jr., a
                                                                 United States Citizen. 
                                                                                        
                                                                 Steadfast Capital      
3. Full name of person(s) subject to the                         Management LP, a       
notification obligation:iii                                      Delaware limited       
                                                                 partnership.           
                                                                                        
                                                                 Steadfast Advisors LP, 
                                                                 a Delaware limited     
                                                                 partnership.           
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                 Steadfast Capital,     
                                                                 L.P., a Delaware       
                                                                 limited partnership.   
                                                                                        
                                                                 American Steadfast,    
4. Full name of shareholder(s)                                   L.P., a Delaware       
 (if different from 3.):iv                                       limited partnership.   
                                                                                        
                                                                 Steadfast International
                                                                 Master Fund Ltd., a    
                                                                 Cayman Island exempted 
                                                                 company.               
                                                                                        
                                                                                        
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                            17 May 2010
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                            19 May 2010
                                                                                        
7. Threshold(s) that is/are crossed or                                               5 %
reached: vi, vii                                                                        
                                                                                        


 

8. Notified details:                                                                    
                                                                                        
A: Voting rights attached to shares viii, ix                                            
                                                                                        
   Class/type   Situation previous    Resulting situation after the triggering transaction 
   of           to the triggering                                                          
   shares       transaction                                                                
                                                                                        
                Number    Number      Number     Number of voting      % of  voting rights 
   if possible  of        of          of shares  rights                x                   
   using        Shares    Voting                                                           
   the ISIN               Rights      Direct     Direct Indirect xii   Direct Indirect     
   CODE                                          xi                                        
                                                                                        
   Common                                                                                  
   shares                                                                                  
                                                        8,243,439 (as         5.14 % (as at
                          7,983,586                     at the date of        the date of  
   BMG5361W1047                                         this                  this         
                                                        notification)         notification)
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
B: Qualifying Financial Instruments                                                     
                                                                                        
   Resulting situation after the triggering transaction                                    
                                                                                        
   Type of financial Expiration Exercise/           Number of voting         % of voting   
   instrument        date xiii  Conversion Period   rights that may be       rights        
                                xiv                 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 Expiration Exercise/   Number of voting rights    % of voting    
financial     price    date xvii  Conversion  instrument refers to       rights xix, xx 
instrument                        period                                                
                                  xviii                                                 
                                                                                        
                                                                         Nominal Delta  
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
Total (A+B+C)                                                                           
                                                                                        
Number of voting rights                Percentage of voting rights                      
                                                                                        
8,243,439 (as at the date of this      5.14 % (as at the date of this notification)     
notification)                                                                           
                                                                                        


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
As at the date of this notification:                                                    
                                                                                        
(a) Steadfast Capital, L.P. holds 566,841 common shares (0.35 per cent. of the          
voting rights) in the issuer;                                                           
                                                                                        
(b) American Steadfast, L.P. holds 2,615,282 common shares (1.63 per cent. of           
the voting rights) in the issuer; and                                                   
                                                                                        
(c) Steadfast International Master Fund Ltd. holds 5,061,316 common shares              
(3.15 per cent. of the voting rights) in the issuer.                                    
                                                                                        
Robert S. Pitts, Jr. is the managing member of Steadfast Capital Management LP          
and Steadfast Advisors LP.                                                              
                                                                                        
Steadfast Advisors LP has the power to vote and dispose of securities held by           
Steadfast Capital, L.P..                                                                
                                                                                        
Steadfast Capital Management LP has the power to vote and dispose of securities         
held by American Steadfast, L.P. and Steadfast International Master Fund Ltd..          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
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:                                                             
                                                                                        
14. Contact name:                                                       Joseph M. Carney
                                                                                        
15. Contact telephone number:                                               212-201-7707