Notification of Transactions of Directors/Persons Discharging ManagerialResponsibility and Connected Persons1. 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 R3. Name of the person discharging 4. State whether notification managerial responsibilities/ relates to a person connected director with a person discharging managerial responsibilities/ Robert Spass (Non-Executive director named in 3 and identify Director) connected person N/A5. 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 Person referred to at 3 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 Cashless exercise of 150,000 Robert Spass founder warrants on 1 May 2014 (with exercise price of $5.00 per Susan Spass share) resulting in acquisition of 85,536 shares on 6 May 20149. 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 85,536 percentage) 0.0466%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 N/A percentage) N/A13. Price per share or value of 14. Date and place of transaction transaction $11.6343 per share* 6 May 2014 - London, England (*pre exercise price adjustment)15. Total holding following 16. Date issuer informed of notification and total percentage transactions holding following notification (any treasury shares should not 6 May 2014 be taken into account when calculating percentage) 85,536 common shares (0.0466%)If a person discharging managerial responsibilities has been granted options bythe issuer complete the following boxes17. Date of grant 18. Period during which or date on which exercisable19. 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 exercise23. Any additional information 24. Name of contact and telephone number for queries In addition to the securities noted in question 15 above, Christopher Head + 44 (0) 207 264 Robert Spass also holds the 4145 following interests in the Company: Founder warrants - 410,000Name of authorised official if issuer making notificationChristopher HeadCompany Secretary7 May 2014