Director/PDMR Shareholding

22 Dec 2010 18:03

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/ Greg Lunn (PDMR) director named in 3 and identify connected person N/A

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 Options over common shares of Person referred to at 3 above. US$0.50 each

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 Cashless exercise of 112,500 Greg Lunn options over the common shares of US$0.50 each awarded under the Company's Long Term Incentive Plan adopted by the Company's shareholders on 7 December 2005 and subsequently amended by the Company's shareholders on 4 January 2008.

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 77,927 common shares percentage) 0.051%

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 77,927 common shares percentage) 0.051%

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

transaction £423,607.62 GBP England

15. Total holding following 16. Date issuer informed of

notification and total percentage transactions holding following notification (any treasury shares should not 21 December 2010 be taken into account when calculating percentage) 16,690 (0.011%)

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 20. Description of shares or grant of the option debentures involved (class and number) 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 23. Any additional information 24. Name of contact and telephone

number for queries Following the above transaction noted in section 8 above, Greg Christopher Head + 44 (0) 207 264 Lunn holds the following 4145 interests in the Company: Restricted Share Scheme Awards - 195,141* Long Term Incentive Plan - 37,500 Time vesting warrants - 317,717 Performance warrants - 83,471 *Pursuant to the Rules of the Restricted Share Scheme, the number of shares that will actually vest depends on the satisfaction of certain conditions including performance and time conditions.

Name of authorised official if issuer making notification

Christopher Head Assistant Company Secretary 22 December 2010