Director/PDMR Shareholding

1 Feb 2011 15:51

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 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) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance with LR 9.8.6R(1) Lancashire Holdings Limited (the "Company")

3. Name of the person discharging 4. State whether notification relates to

managerial responsibilities/ a person connected with a person director discharging managerial responsibilities/director named in 3 and identify connected person N/A William Spiegel (Non-Executive Director)

5. Indicate whether the 6. Description of shares (including

notification is in respect of a class), debentures or derivatives or holding of the person referred financial instruments relating to to in 3 or 4 above or in respect shares of a non-beneficial interest Person referred to at 3 above. Common shares of US$0.50 each

7. Name of registered shareholder 8. State the nature of the transaction

(s) and, if more than one, the number of shares held by each of them Sale of 63,240 shares William Spiegel

9. Number of shares, debentures or 10. Percentage of issued class acquired

financial instruments relating (treasury shares of the class should to shares acquired not be taken into account when calculating percentage) N/A N/A

11. Number of shares, debentures or 12. Percentage of issued class disposed

financial instruments relating (treasury shares of the class should to shares disposed not be taken into account when calculating percentage) 0.041% 63,240 shares

13. Price per share or value of 14. Date and place of transaction

transaction 30 September 2009 - London, England 30 September 2009 - 8.126 USD

15. Total holding following 16. Date issuer informed of transactions

notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 31 January 2011 Nil* common shares *7,000 shares belonging to a family member previously included in disclosures relating to William Spiegel are not included, as this person is no longer deemed a connected person.

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 grant of 20. Description of shares or

the option debentures involved (class and number)

21. Exercise price (if fixed at time of 22. Total number of shares or

grant) or indication that price is to debentures over which options be fixed at the time of exercise held following notification

23. Any additional information 24. Name of contact and

telephone number for queries After the disposal of the securities noted in question 15 above, William Spiegel no longer holds any interests in the Company. Christopher Head +44 (0) 207 264 4145

Name of authorised official if issuer making notification

Christopher Head Assistant Company Secretary 1 February 2011