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 15 February 2018, Alex Maloney, Executive Director and Chief Executive Officer exercised 105,403 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 54,947 were granted as Long Term Incentive Awards and 50,456 were granted as Deferred Annual Bonus Awards.

Mr. Maloney sold 49,681 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 transferred the balance of 55,722 shares into the name of connected person Amanda Maloney. 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 636,024 common shares (which includes 155,722 shares held via a connected person), representing 0.3159%.

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

Restricted Share Scheme (Performance Awards) – 505,920

 (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) – 54,218

(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 105,403 Restricted Share Awards (“RSS awards”) granted as nil-cost options over common shares of US$0.50 each, of which 54,947 were granted as Long Term Incentive Awards and 50,456 were granted as Deferred Annual Bonus Awards
c)	Price(s) and volume(s)	Price(s) Volume(s)  nil 105,403  shares acquired on exercise of RSS awards
d)	Aggregated information	105,403 Nil
e)	Date of the transaction	2018-02-15
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 49,681  shares to cover tax liabilities and fees on exercise of 105,403  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£6.07964  49,681 shares sold to cover tax liabilities
d)	Aggregated information	49,681 £302,042.59
e)	Date of the transaction	2018-02-15
f)	Place of the transaction	(XLON) London Stock Exchange – Regulated Market
4(iii)	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	Transfer of 55,722 shares to connected person Amanda Maloney
c)	Price(s) and volume(s)	Price(s) Volume(s)  Nil  55,722
d)	Aggregated information	55,722 Nil
e)	Date of the transaction	2018-02-15
f)	Place of the transaction	(XLON) London Stock Exchange – Regulated Market

Name of authorised official of issuer for making notification

Christopher Head Company Secretary 16 February 2018

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