Lancashire Holdings Regulatory News (LRE)

14 May 2010 07:00

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)

1. Identity of the issuer or the underlying Lancashire Holdings Limited

issuer of existing shares to which voting rights are attached:(ii)

2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights Yes 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 Robert S. Pitts, Jr., a United States

the notification obligation: (iii) Citizen Steadfast Capital Management LP, a Delaware limited partnership Steadfast Advisors LP, a Delaware limited partnership

4. Full name of shareholder(s) (if Steadfast Capital, L.P., a Delaware

different from 3.): (iv) limited partnership American Steadfast, L.P., a Delaware limited partnership Steadfast International Master Fund Ltd., a Cayman Island exempted company. 5. Date of the transaction and date 7 April 2010 on which the threshold is crossed or reached: (v) 6. Date on which issuer notified: 4 May 2010 7. Threshold(s) that is/are crossed 4% or reached: (vi, vii)

8. Notified details:

A: Voting rights attached to shares (viii, ix) Class/type of Situation previous Resulting situation after shares to the triggering the triggering transaction transaction if possible Number Number Number Number of % of voting using of of of voting rights (x) the ISIN CODE Shares Voting shares rights Rights Direct Direct Indirect Direct Indirect (xi) (xii) Common shares 6,721,440 7,043,439 (as 4.33% (as at at the date the date of BMG5361W1047 of this this notification) notification) B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of voting instrument date Conversion Period rights that may be rights (xiii) (xiv) 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 Expiration Exercise/ Number of voting % of voting financial price date Conversion rights instrument rights (xix, xx) instrument (xvii) period refers to (xviii) Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 7,043,439 (as at the date of this 4.33% (as at the date of this notification) notification)

9. Chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held, if applicable: (xxi) As at the date of this notification: a. Steadfast Capital, L.P. holds 484,299 common shares (0.3% of the voting rights) in the issuer; b. American Steadfast, L.P. holds 2,234,601 common shares (1.37% of the voting rights) in the issuer; and c. Steadfast International Master Fund Ltd. holds 4,324,539 common shares (2.66% of the voting rights) in the issuer. Robert S. Pitts, Jr. is the managing member of Steadfast Capital Management LP and Steadfast Advisors LP. Steadfast Advisors LP has the power to vote and dispose of securities held by Steadfast Capital, L.P. Steadfast Capital Management LP has the power to vote and dispose of securities held by American Steadfast, L.P. and Steadfast International Master Fund Ltd. Proxy Voting: 10. Name of the proxy holder: N/A 11. Number of voting rights proxy N/A holder will cease to hold: 12. Date on which proxy holder will N/A cease to hold voting rights: 13. Additional information: 14. Contact name: Joseph M. Carney 15. Contact telephone number: 212-201-7707

For notes on how to complete form TR-1 please see the FSA website.