Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                        
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
   of existing shares to which voting rights are                Lancashire Holdings Limited
   attached:                                                                             
                                                                                        
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:                                                             
                                                                                        
4. Full name of shareholder(s)                                                       N/A
   (if different from 3.):                                                             
                                                                                        
5. Date of the transaction and date on                                      11 June 2010
   which the threshold is crossed or                                                       
   reached:                                                                              
                                                                                        
6. Date on which issuer notified:                                           24 June 2010
                                                                                        
7. Threshold(s) that is/are crossed or                         From over 5% to under 5%.
   reached:                                                                         
                                                                                        
8. Notified details:                                                                              
                                                                                                  
A: Voting rights attached to shares                                                      
                                                                                                  
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                                    
using     Shares                Voting                                                            
the ISIN                        Rights                                                            
CODE                                         Direct    Direct   Indirect       Direct  Indirect   
                                                                                                  
                                                                                                  
Common                                                                                            
Shares    6,679,121             6,679,121    5,679,121           N/A           3.615%  N/A        
                                                       5,679,121                                  
                                                                                                  
                                                                                           
                                                                                                  
                                                                                                 
                                                                                                 
B: Qualifying Financial Instruments                                                               
                                                                                                  
Resulting situation after the triggering transaction                                              
                                                                                                  
Type of      Expiration          Exercise/              Number of voting             % of voting  
financial    date xiii           Conversion Period      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                                                                                
                                                                                                  
Resulting situation after the triggering transaction                                              
                                                                                                  
Type of     Exercise price      Expiration Exercise/   Number of voting rights    % of voting     
financial                       date      Conversion  instrument refers to       rights   
instrument                                 period                                                 
                                                                                             
                                                                                                  
                                December   N/A                                    Nominal Delta     
Warrants    $5.00               16, 2015               1,183,180                                  
                                                                                  0.753% N/A       
                                                                                                  
                                                                                                  
                                                                                                  
Total (A+B+C)                                                                                     
                                                                                                  
Number of voting rights                             Percentage of voting rights                   
                                                                                                  
6,862,301                                           4.368%                                        
                                                                                                  


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                          
                                                                                        
                                                                                        
                                                                                        
Crestview Partners, L.P.             From 4,178,962 shares held to 3,553,286            
shares held (from over 3% to under 3%) and from 4,919,263 voting rights held to         
4,293,587 voting rights held                                                            
                                                                                        
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:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:                                                             
                                 Notification using the total voting rights figure of   
                                                     157,089,983                        
                                                                                        
14. Contact name:                                                       Evelyn Pellicone
                                                                                        
15. Contact telephone number:                                             [phone]