Director/PDMR Shareholding

21 Jun 2010 07:00

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 (the "Company") 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)

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

managerial responsibilities/ relates to a person connected director with a person discharging managerial responsibilities/ Barry Volpert director named in 3 and identify connected person Crestview, L.L.C.

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 Common shares of US$0.50 each Connected Person referred to at 4 above

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 Sale of 1,907,323 common shares Crestview Partners LP - 4,554,366 of US$0.50 each Crestview Offshore Holdings (Cayman) LP - 1,218,980 Crestview Partners (PF) LP - 8 08,409 Crestview Partners (ERISA) LP - 375,505 Crestview Holdings (TE) LP - 321,861

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 Crestview Partners LP - 1,193,364 percentage) Crestview Offshore Holdings 1.214% (Cayman) LP - 319,405 Crestview Partners (PF) LP - 2 11,825 Crestview Partners (ERISA) LP - 98,393 Crestview Holdings (TE) LP - 84,336

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

transaction 09 June 2010 - London England 09 June 2010 - £4.8643 per share 10 June 2010 - London England 10 June 2010 - £4.8234 per share 11 June 2010 - London England 11 June 2010 - £4.8993 per share 17 June 2010 - London England 17 June 2010 - £5.0027 per share

15. Total holding following 16. Date issuer informed of

notification and total percentage transactions holding following notification (any treasury shares should not 18 June 2010 be taken into account when calculating percentage) Crestview Partners LP - 3,361,002 common shares; 740,301 Founder warrants (2.611%) Crestview Offshore Holdings (Cayman) LP - 899,575 common shares; 198,109 Founder warrants (0.699%) Crestview Partners (PF) LP - 596,584 common shares; 131,408 Founder warrants (0.463%) Crestview Partners (ERISA) LP - 277,112 common shares ; 61,002 Founder warrants (0.215%) Crestview Holdings (TE) LP - 237,525 common shares; 52,360 Founder warrants (0.185%)

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 N/A N/A

19. Total amount paid (if any) for 20. Description of shares or

grant of the option debentures involved (class and number) N/A N/A

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 N/A N/A

23. Any additional information 24. Name of contact and telephone

number for queries The total number of common shares in issue with voting rights Greg Lunn +1 441 278 8953 (excluding shares held in treasury) used for the above calculations is 157,089,983 Correction to the disclosure made on 14 June 2010: Crestview Partners (PF) LP - sold 111,058 shares and Crestview Holdings (TE) LP - sold 44,217 shares

Name of authorised official if issuer making notification

Greg Lunn Company Secretary 21 June 2010