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 20 February 2019, Elaine Whelan, Executive Director and Group Chief Financial Officer exercised 28,271 Restricted Share Awards (“RSS awards”) granted as nil-cost options over the Company’s common shares of US$0.50 each. These RSS awards were granted under the LHL Restricted Share Scheme Bonus Deferral Plan.

Elaine Whelan sold 1,334 of the resulting shares at the price shown below to cover the tax and fees arising as a result of the exercise and retained the balance of 26,937 shares. The exercise was satisfied using existing shares in issue held by the Lancashire Holdings Limited Employee Benefit Trust.

Following this transaction, Elaine Whelan has an interest in the Company of 654,106 common shares (which includes 11,590 common shares held via a connected person), representing 0.3239%.

Additionally, Elaine Whelan also holds the following interests in the Company:

Restricted Share Scheme (Performance Awards) – 379,196

(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). 

Restricted Share Scheme (Deferred Bonus Awards) – 18,622

(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	Elaine Whelan
2	Reason for the notification
a)	Position/status	Executive Director and Group Chief Financial 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 28,271 RSS awards granted as nil-cost options over common shares of US$0.50 each. These RSS awards were granted under the LHL Restricted Share Scheme Bonus Deferral Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) nil 28,271 shares acquired on exercise of RSS awards
d)	Aggregated information	28,271 nil
e)	Date of the transaction	2019-02-20
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 1,334 shares to cover tax and fees on exercise of 28,271 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) £6.5000 1,334 shares
d)	Aggregated information	1,334 £8,671
e)	Date of the transaction	2019-02-20
f)	Place of the transaction	(XLON) London Stock Exchange – Regulated Market

Name of authorised official of issuer for making notification

Christopher Head Company Secretary 22 February 2019

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