Holding(s) in Company

23 Nov 2010 07:00

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are Lancashire Holdings Limitedattached:ii

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 xqualifying financial instruments An event changing the breakdown of voting rights

Other (please specify): Correction of Shareholder Name x 3. Full name of person(s) subject to the Frank W. Cawoodnotification obligation:iii Timothy W. Anders Frank W. Cawood, Frank W. Cawood IRA, Timothy W. Anders 401K Account, Frank W. Cawood & Associates, Inc., The Cawood Foundation, Inc. Gayle R.

4. Full name of shareholder(s) Cawood IRA, Irrevocable

Living Trusts (if different from 3.):iv (7) FBO Nathan Paul Cruver, Joelle Rachel Cruver, Andrew Reuben Cruver, Seth David Cruver, Natalie C. Cruver, Benjamin John Cawood and Joseph Louis Cawood

5. Date of the transaction and date on which the threshold is crossed or Notification to Company

on 11/4/2010reached: v

6. Date on which issuer notified:

11/19/2010

7. Threshold(s) that is/are crossed or

Under 9%reached: vi, vii 8. Notified details:

A: Voting rights attached to shares viii, ix 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 x possible of of of shares rights using Shares Voting the ISIN Rights CODE Indirect Direct Direct xi xii Direct Indirect 1,285,813 1,285,813 866,202 866,202 419,611 0.569% 0.276% Common Share

B: Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of Expiration Exercise/ Number of voting % of voting financial date xiii Conversion Period xiv rights that may be rights instrument acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of Exercise price Expiration Exercise/ Number of voting rights % of voting rights financial date xvii Conversion instrument refers to xix, xx instrument period xviii Nominal Delta Until Warrant 5.00 USD 12/16/2015 Expiry 12,307,577 8.089% Total (A+B+C) Number of voting rights Percentage of voting rights 13,593,390 8.934%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Frank W. Cawood controls the voting rights for the Frank W. Cawood IRA, Frank

W. Cawood & Associates, Inc. and for The Cawood Foundation, Inc. Mr. Cawood may be deemed to have voting control for The Cawood Foundation, Inc. shares, but he disclaims any beneficial ownership.

Timothy W. Anders controls the voting rights for Timothy W. Anders 401K Account and as the Trustee for Irrevocable Living Trusts (7) FBO Nathan Paul Cruver,

Joelle Rachel Cruver, Andrew Reuben Cruver, Seth David Cruver, Natalie C. Cruver, Benjamin John Cawood and Joseph Louis Cawood. Mr. Anders may be deemed to have voting control for Irrevocable Living Trust shares, but he disclaims any beneficial ownership.

Gayle R. Cawood controls the voting rights for the Gayle R. Cawood IRA

Account. Proxy Voting: 10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease

to hold:

12. Date on which proxy holder will cease to hold

voting rights: 13. Additional information: This information is to the best of our knowledge. 14. Contact name: Timothy W. Anders

15. Contact telephone number:

770-487-6307