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)                              
                                                                               
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) Neil McConachie (Executive          N/A                              
      Director)                                                                
                                                                               
      (3) Alex Maloney (Executive                                              
      Director)                                                                
                                                                               
      (4) Greg Lunn (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                                           
                                              Grants of Restricted Share Awards
      N/A                                     in the form of nil-cost options  
                                              over the issuer's common shares  
                                              pursuant to the issuer's         
                                              Restricted Share Scheme rules, as
                                              amended by the issuer's          
                                              shareholders on 22 December 2010.
                                                                               
                                              These grants have been made in   
                                              connection with the issuer's     
                                              bonus deferral plan. Vesting is  
                                              subject to time and employment   
                                              conditions only and there are no 
                                              performance conditions.          
                                                                               
                                              See further details in boxes 17  
                                              to 20.                           
                                                                               
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         
      N/A                                     percentage)                      
                                                                               
                                              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)                                                  
                                                                               
      N/A                                                                      

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                
      4 March 2011                                                             
                                              In accordance with the issuer's  
                                              Restricted Share Scheme rules as 
                                              amended by the issuer's          
                                              shareholders on 22 December 2010,
                                              exercise of these bonus deferral 
                                              Restricted Share Awards may occur
                                              on a date between 1 January 2013 
                                              and 4 March 2021.                
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
      Nil                                                                      
                                              Restricted Share Awards under the
                                              Company's Restricted Share       
                                              Scheme, structured as nil-cost   
                                              options, granted over the        
                                              issuer's common shares of US$0.50
                                              each                             
                                                                               
                                              (1) Richard Brindle - 191,938    
                                                                               
                                              (2) Neil McConachie - 77,753     
                                                                               
                                              (3) Alex Maloney - 41,105        
                                                                               
                                              (4) Greg Lunn - 34,704           
                                                                               
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 Restricted Share 
      Nil                                     Awards granted under the issuer's
                                              Restricted Share Scheme and held 
                                              following notification:          
                                                                               
                                              (1) Richard Brindle - 259,161    
                                                                               
                                              (2) Neil McConachie - 113,415    
                                                                               
                                              (3) Alex Maloney - 41,105        
                                                                               
                                              (4) Greg Lunn - 45,686           
                                                                               
                                              These grants have been made in   
                                              connection with the issuer's     
                                              bonus deferral plan. Vesting is  
                                              subject to time and employment   
                                              conditions only and there are no 
                                              performance conditions.          
                                                                               
                                              Total number of Restricted Share 
                                              Awards granted under the issuer's
                                              Restricted Share Scheme and held 
                                              following notification:          
                                                                               
                                              (1) Richard Brindle - 1,398,367  
                                                                               
                                              (2) Neil McConachie - 624,839    
                                                                               
                                              (3) Alex Maloney - 478,125       
                                                                               
                                              (4) Greg Lunn - 211,263          
                                                                               
                                               The actual number of shares to  
                                              vest is dependent on the Rules of
                                              the Restricted Share Scheme      
                                              including, inter alia, the       
                                              satisfaction of applicable       
                                              performance conditions.          
                                                                               
                                               Total number of options granted 
                                              under the issuer's Long Term     
                                              Incentive Plan and held following
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 37,500     
                                                                               
                                              (2) Neil McConachie - 50,000     
                                                                               
                                              (3) Alex Maloney - 137,500       
                                                                               
                                              (4) Greg Lunn - 37,500           
                                                                               
                                               Total number of ordinary        
                                              warrants held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 7,625,217  
                                                                               
                                              (2) Neil McConachie - 520,869    
                                                                               
                                              (4) Greg Lunn - 238,288          
                                                                               
                                               Total number of performance     
                                              warrants held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 741,964    
                                                                               
                                              (2) Neil McConachie - 185,490    
                                                                               
                                              (4) Greg Lunn - 13,373           
                                                                               
                                               Total number of Founder warrants
                                              held following notification:     
                                                                               
                                               Richard Brindle - 46,260        

23.   Any additional information        24.    Name of contact and telephone   
                                               number for queries              
                                                                               
                                               Christopher Head + 44 (0) 207   
                                               264 4145                        

Name of authorised official if issuer for making notification                  
                                                                               
Christopher Head                                                               
                                                                               
Assistant Company Secretary                                                    
                                                                               
09 March 2011