TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                 Lancashire Holdings  
   of existing shares to which voting rights are                         Limited        
   attached: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                         HSBC Holdings plc      
notification obligation:iii                                                             
                                                                                        
                                                                 HSBC Bank plc          
                                                                                        
                                                                 HSBC Global Asset      
                                                                 Management (UK) Limited
                                                                                        
                                                                 HSBC Global Asset      
                                                                 Management             
                                                                 (International) Limited
                                                                                        
                                                                 The Bank of Bermuda    
4. Full name of shareholder(s)                                   Limited                
 (if different from 3.):iv                                                              
                                                                 HSBC Investment        
                                                                 Management             
                                                                                        
                                                                 HSBC Trust Company (UK)
                                                                 Limited                
                                                                                        
                                                                 HSBC Private Bank      
                                                                 (Suisse) SA            
                                                                                        
                                                                 HSBC Bank USA, National
                                                                 Association            
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                1st March 2013         
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                5th March 2013         
                                                                                        
7. Threshold(s) that is/are crossed or                           Crossed 4%             
reached: vi, vii                                                                        
                                                                                        


 

8. Notified details:                                                                                
                                                                                                    
A: Voting rights attached to shares viii, ix                                                        
                                                                                                    
Class/type    Situation previous         Resulting situation after the triggering transaction        
of            to the triggering                                                                      
shares        transaction                                                                            
                                                                                                    
              Number         Number      Number     Number of voting          % of  voting rights    
if possible   of             of          of shares  rights                    x                      
using         Shares         Voting                                                                  
the ISIN                     Rights      Direct     Direct xi     Indirect    Direct    Indirect     
CODE                                                              xii                               
                                                                                                    
BMG5361W1047  5,539,179      5,539,179   824,977    824,977       6,069,413   0.507 %    3.728 %    
                                                                                                   
                                                                                                    
                                                                                                    
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      Expiration Exercise/  Number of voting rights      % of voting          
financial     price         date xvii  Conversion instrument refers to         rights xix, xx       
instrument                             period                                                       
                                       xviii                                                        
                                                                                                    
                                                                               Nominal   Delta      
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    
Total (A+B+C)                                                                                       
                                                                                                    
Number of voting rights                  Percentage of voting rights                                
                                                                                                    
     6,894,390                                      4.235%                             
                                                                                                    


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
                                      N/A                                               
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                    N/A    
                                                                                        
11. Number of voting rights proxy holder will cease                              N/A    
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                N/A    
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:                                       None                  
                                                                                        
14. Contact name:                                                 Baljeet Gill          
                                                                                        
15. Contact telephone number:                                     0207 991 6555