Holding(s) in Company

7 Jul 2010 18:26

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 qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the Crestview, L.L.C.notification obligation:iii 4. Full name of shareholder(s) N/A (if different from 3.):iv 5. Date of the transaction and date on 1 July 2010which the threshold is crossed or reached: v 6. Date on which issuer notified: 6 July 2010 7. Threshold(s) that is/are crossed or From over 3% to under 3%.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 rightspossible of of of shares rights x using Shares Voting the ISIN Rights CODE Direct Direct xi Indirect xii Direct Indirect Common Shares 3,654,120 3,654,120 1,885,883 N/A 1.208% N/A 1,885,883 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. N/A N/A N/A N/A N/A 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 financial date xvii Conversion instrument refers to rights xix, xx instrument period xviii December N/A Nominal Delta Warrants $5.00 16, 2015 1,183,180 0.758% N/A Total (A+B+C) Number of voting rights Percentage of voting rights 3,069,063 1.966%

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

Crestview Partners, L.P. (Continues to hold under 3% of voting rights)

Crestview Offshore Holdings (Cayman), L.P. (Continues to hold under 3% of voting rights)

Crestview Holdings (TE), L.P. (Continues to hold under 3% of voting rights) Crestview Partners ERISA, L.P. (Continues to hold under 3% of voting rights) Crestview Partners (PF), L.P. (Continues to hold under 3% of voting rights) Proxy Voting: 10. Name of the proxy holder: N/A 11. Number of voting rights proxy holder will cease N/Ato hold: 12. Date on which proxy holder will cease to hold N/Avoting rights: The total number of common shares in issue with voting 13. Additional information: rights (excluding shares held in treasury) used for the final percentage calculation was 156,101,802 14. Contact name: Evelyn Pellicone 15. Contact telephone number: (212) 906-0723