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:iii                                                             
                                                                                        
4. Full name of shareholder(s)                                                       N/A
    (if different from 3.):                                                             
                                                                                        
5. Date of the transaction and date on                                      23 June 2010
   which the threshold is crossed or                                                       
   reached:                                                                              
                                                                                        
6. Date on which issuer notified:                                           25 June 2010
                                                                                        
7. Threshold(s) that is/are crossed or                         From over 4% to under 4%.
   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    5,279,120             5,279,120    4,979,120 4,979,120 N/A           3.170%  N/A        
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                
                                                                                                                                                                                                 
B: Qualifying Financial Instruments                                                               
                                                                                                  
Resulting situation after the triggering transaction                                              
                                                                                                  
   Type of      Expiration          Exercise/              Number of voting             % of voting  
   financial    date            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                   
                                                                                                  
6,162,300                                           3.923%                                        
                                                                                                  


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                           
                                                                                        
                                                                                      
                                                                                        
Crestview Partners, L.P.(Continues to hold under 3% of voting rights)
                                                                                                          
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:                                                             
                              The total number of common shares in issue with voting    
                              rights (excluding shares held in treasury) used for the   
                              above calculations is 157,089,983 as disclosed by the     
                              Company on 16 June 2010                                   
                                                                                        
                                                                                        
                                                                                        
14. Contact name:                                                       Evelyn Pellicone
                                                                                        
15. Contact telephone number:                                             [phone]