Director/PDMR Shareholding

RNS Number : 9108O

Catlin Group Limited

16 March 2009

Catlin Group Limited

16 March 2009

CATLIN GROUP LIMITED (the 'Company')

DIRECTORS' AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES' SHAREHOLDINGS

On 13 March 2009, the Company was notified that, pursuant to the anti dilution provisions of the rules of the Company's share schemes, adjustments have been made to awards outstanding thereunder to take account of the variation of the Company's share capital arising from the rights issue announced on 12 February 2009 ('Rights Issue').

The adjustments operate to mitigate the dilution from the Rights Issue that would otherwise occur. The adjustments to the options and awards held by the Directors of the Company and persons discharging managerial responsibility in the Company ('PDMR') are set out below.

The following adjustments were made to options granted under the Company's Long Term Incentive Plan:

Director/PDMR	Number of options before adjustment	Number of options following adjustment	Exercise Price before adjustment	Exercise Price following adjustment
Stephen Catlin	2,568,256	2,940,256	US$5	US$4.37
Christopher Stooke	128,412	147,016	US$5	US$4.37
Christopher Stooke	64,206	73,506	£3.50	£3.06
Paul Brand	642,064	735,092	US$5	US$4.37
Paul Jardine	428,228	490,272	US$5	US$4.37

The following adjustments were made to awards granted under the Company's Performance Share Plan ('PSP'):

Director/PDMR	PSP Award	Number of shares under PSP options/award before adjustment	Number of shares under PSP options / award following adjustment
Stephen Catlin	2005 Award	65,706	24,071
Stephen Catlin	2006 Award	198,152	226,862
Stephen Catlin	2007 Award	191,176	218,874
Stephen Catlin	2008 Award	243,598	278,892
Stephen Catlin	2009 Award	246,835	282,598
Christopher Stooke	2005 Award	47,550	17,420
Christopher Stooke	2006 Award	140,082	160,378
Christopher Stooke	2007 Award	117,647	134,692
Christopher Stooke	2008 Award	149,906	171,624
Christopher Stooke	2009 Award	151,898	173,906
Paul Brand	2005 Award	47,550	17,420
Paul Brand	2006 Award	140,082	160,378
Paul Brand	2007 Award	147,059	168,365
Paul Brand	2008 Award	187,383	214,532
Paul Brand	2009 Award	189,873	217,383
Paul Jardine	2005 Award	47,686	17,575
Paul Jardine	2006 Award	140,082	160,378
Paul Jardine	2007 Award	117,647	134,692
Paul Jardine	2008 Award	149,906	171,624
Paul Jardine	2009 Award	151,898	173,906
Richard Banas	2006 Award	108,206	123,882
Richard Banas	2007 Award	87,566	100,252
Richard Banas	2008 Award	141,628	162,148
Richard Banas	2009 Award	196,205	224,632

* The PSP awards have a nil exercise price.

*The 2005 PSP figure reflects the 32% vesting level of the 2005 PSP in accordance with the performance conditions of the PSP.

The Company has also been notified that on 13 March 2009, upon vesting of an award granted in 2006 under the PSP, the following PDMR has acquired Common Shares in Catlin Group Limited: