Director/PDMR Shareholding

Lancashire Holdings Limited

(the “Company”)

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

The Company announces that, on 29 March 2017, Alex Maloney, Executive Director and Chief Executive Officer exercised 126,329 Restricted Share Awards (“RSS awards”) granted as nil-cost options over the Company’s common shares of US$0.50 each. Of these RSS awards 83,801 were granted as Long Term Incentive Awards and 42,528 were granted as Deferred Annual Bonus Awards.

Mr. Maloney sold 59,539 of the resulting shares at the price shown below to cover the tax, national insurance and fees arising as a result of the exercise and retained the balance of 66,790 shares. The exercise was satisfied using existing shares in issue held by the Lancashire Holdings Limited Employee Benefit Trust.

Following this transaction, Mr. Maloney has an interest in the Company of 580,302 common shares (which includes 100,000 held via a connected person), representing 0.2903%.

Additionally, Mr. Maloney also holds the following interests in the Company:

 Long Term Incentive Awards – 750,128

(Pursuant to the Rules of the LHL Restricted Share Scheme, the number of shares that will actually vest depends on the satisfaction of certain conditions including employment, performance and time conditions). 

Deferred Annual Bonus Awards– 104,674

(Vesting is subject to time and employment conditions only).

The notification made in accordance with Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) is set out below:

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Alex Maloney
2	Reason for the notification
a)	Position/status	Executive Director and Group Chief Executive Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Lancashire Holdings Limited
b)	LEI	5493002UNUYXLHOWF752
4(i)	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Common Shares of US$0.50 each ISIN: BMG5361W1047
b)	Nature of the transaction	Acquisition of shares on exercise of 126,329 Restricted Share Awards (“RSS awards”) granted as nil-cost options over common shares of US$0.50 each, of which 83,801 were granted as Long Term Incentive Awards and 42,528 were granted as Deferred Annual Bonus Awards
c)	Price(s) and volume(s)	Price(s) Volume(s)  nil 126,329 shares acquired on exercise of RSS awards
d)	Aggregated information	126,329 Nil
e)	Date of the transaction	2017-03-29
f)	Place of the transaction	(XLON) London Stock Exchange – Regulated Market
4(ii)	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Common Shares of US$0.50 each ISIN: BMG5361W1047
b)	Nature of the transaction	Sale of 59,539  shares to cover tax liabilities and fees on exercise of 126,329 Restricted Share Awards (“RSS awards”) granted as nil-cost options over common shares of US$0.50 each
c)	Price(s) and volume(s)	Price(s) Volume(s)  Â£6.7235  59,539 shares sold to cover tax liabilities
d)	Aggregated information	59,539 £400,310.47
e)	Date of the transaction	2017-03-29
f)	Place of the transaction	(XLON) London Stock Exchange – Regulated Market

Name of authorised official of issuer for making notification

Christopher Head Company Secretary 03 April 2017

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