Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.  Name of the issuer            2.  State whether the notification related to
                                      (i) a transaction notified in accordance 
                                      with DTR 3.1.2 R, (ii) a disclosure made 
                                      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 R                     
    Lancashire Holdings Limited                                                
                                                                               
3.  Name of the person            4.  State whether notification relates to a  
    discharging managerial            person connected with a person           
    responsibilities/director         discharging managerial responsibilities/ 
                                      director named in 3 and identify         
                                      connected person                         
                                                                               
    Alex Maloney (Executive           N/A                                      
    Director and Group   Chief                                                 
    Executive Officer )                                                        
                                                                               
5.  Indicate whether the          6.  Description of shares (including class), 
    notification is in respect of     debentures or derivatives or financial   
    a holding of the person           instruments relating to shares           
    referred to in 3 or 4 above                                                
    or in respect of a                                                         
    non-beneficial interest                                                    
                                                                               
    Persons referred to at 3                                                   
    above                             Lancashire Holdings Limited ("LHL")      
                                                                               
                                      Restricted Share Scheme Award and LHL    
                                      Restricted Share Scheme Awards Bonus     
                                      Deferral Plan                            
                                                                               
7.  Name of registered            8.  State the nature of the transaction      
    shareholder(s) and, if more                                                
    than one, the number of                                                    
    shares held by each of them                                                
                                      Exercise of 113,725 Restricted Share     
                                      Awards granted as nil-cost options over  
                                      common shares of US$0.50 each, of which  
    Alex Maloney                      93,583  were granted under  the LHL      
                                      Restricted Share Scheme and  20,142  were
                                      granted under the  LHL  Restricted Share 
                                      Scheme Awards  Bonus Deferral Plan and   
                                      subsequent  sale of 53,558 shares to     
                                      cover tax liabilities                    
                                                                               
9.  Number of shares, debentures  10. Percentage of issued class acquired      
    or financial instruments          (treasury shares of the class should not 
    relating to shares acquired       be taken into account when calculating   
                                      percentage)                              
    113,725                                                                    
                                      0.0575%                                  
                                                                               
                                                                               
11. Number of shares, debentures  12. Percentage of issued class disposed      
    or financial instruments          (treasury shares of the class should not 
    relating to shares disposed       be taken into account when calculating   
                                      percentage)                              
                                                                               
    53,558                                  0.0271%                                  
                                                                               
                                                                               
                                                                               
13. Price per share or value of   14. Date and place of transaction            
    transaction                                                                
                                      25 March 2015 - London, England          
    £6.296077 per share                                                        
                                                                               
                                                                               
15. Total holding following       16. Date issuer informed of transaction      
    notification and total                                                     
    percentage holding following                                               
    notification (any treasury                                                 
    shares should not be taken                                                 
    into account when calculating                                              
    percentage)                       25 March 2015                            
                                                                               
                                                                               
                                                                               
    382,008 common shares -                                                    
    Totalling 0.1932% (of which                                                
    100,000 shares belong to                                                   
    connected person Amanda                                                    
    Maloney)                                                                   
                                                                               
 

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes                                        
                                                                               
                                                                               
                                                                               
17. Date of grant                          18. Period during which or date on  
                                               which exercisable               
                                                                               
                                                                               
                                                                               
19. Total amount paid (if any) for grant   20. Description of shares or        
    of the option                              debentures involved (class and  
                                               number)                         
                                                                               
                                                                               
21. Exercise price (if fixed at time of    22. Total number of  shares or      
    grant) or indication that price is to      debentures over which options   
    be fixed at the time of exercise           held following notification     
                                                                               
                                                                               

 

23. Any additional information                            24. Name of contact  
                                                              and telephone    
                                                              number for       
                                                              queries          
                                                                               
                                                                               
    In addition to the securities noted in question 15                         
    above, Alex Maloney also holds the following                               
    interests in the Company:                                                  
                                                              Christopher Head 
                                                              + 44 (0) 207 264 
                                                              4145             
    Restricted Share Scheme Awards Bonus Deferral Plan -                       
    67,397 (vesting is subject to time and employment                          
    conditions only)                                                           
                                                                               
    Restricted Share Scheme Awards-                                            
                                                                               
    500,510*                                                                   
                                                                               
                                                                               
                                                                               
    *Pursuant to the Rules of the Restricted Share                             
    Scheme, the number of shares that will actually vest                       
    depends on the satisfaction of certain conditions                          
    including employment, performance and time                                 
    conditions.                                                                
                                                                               
    N.B: Alex Maloney has sold only the number of shares                       
    required to cover tax liabilities and has retained                         
    the remainder of the resulting shares.                                     
                                                                               

Name of authorised official if issuer for making notification
                                                             
                                                             
                                                             
Christopher Head                                             
                                                             
Company Secretary                                            
                                                             
26 March 2015