Lancashire Holdings Regulatory News (LRE)

Notification of Transactions of Directors/Persons Discharging ManagerialResponsibility 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 Lancashire Holdings Limited Companies Act (2006) (i) a transaction notified in accordance with DTR 3.1.2 R 3. Name of the person discharging 4. State whether notification relates to managerial responsibilities/ a person connected with a person director discharging managerial responsibilities/director named in 3 and identify connected person Alex Maloney (Executive Director and Group Chief Executive Officer) N/A Elaine Whelan (Executive Director and Group Chief Financial Officer) 5. Indicate whether the 6. Description of shares (including notification is in respect of a class), debentures or derivatives or holding of the person referred financial instruments relating to to in 3 or 4 above or in respect shares of a non-beneficial interest Lancashire Holdings Limited Restricted Persons referred to at 3 above Share Scheme 7. Name of registered shareholder 8. State the nature of the transaction (s) and, if more than one, the number of shares held by each of them Restricted Share Awards granted as nil-cost options over common shares of US$0.50 each under the Lancashire Alex Maloney Holdings Limited Restricted Share Scheme. Elaine Whelan These awards have been granted in connection with the issuer's bonus deferral plan. Vesting is subject to time and employment conditions only and there are no performance conditions. See further details in boxes 17 to 20. 9. Number of shares, debentures or 10. Percentage of issued class acquired financial instruments relating (treasury shares of the class should to shares acquired not be taken into account when calculating percentage) Alex Maloney - 41,929 RSS Awards Alex Maloney 0.0212% Elaine Whelan - 29,540 RSS Awards Elaine Whelan 0.0149% 11. Number of shares, debentures or 12. Percentage of issued class disposed financial instruments relating (treasury shares of the class should to shares disposed not be taken into account when calculating percentage) N/A N/A 13. Price per share or value of 14. Date and place of transaction transaction 20 March 2015 £Nil 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) 20 March 2015 Alex Maloney (Executive Director) - 321,841 (includes 100,000 via a connected person (0.1627%) Elaine Whelan (Executive Director) - 233,820 (includes 2,600 via a connected person) (0.1182%) If a person discharging managerial responsibilities has been granted options bythe issuer complete the following boxes 17. Date of grant 18. Period during which or date on which exercisable 20 March 2015 In accordance with the issuer's Restricted Share Scheme rules, exercise of these bonus deferral Restricted Share Awards may occur over the relevant vested shares at such point as the recipients select, up to the 10th anniversary of the date of grant. Subject to the vesting conditions, each Bonus Deferral Restricted Share Award will vest in three equal tranches. Vested awards may only be exercised in "open periods". It is anticipated that the first open period following the normal vesting date of the first trance will commence in February 2016, in February 2017 in the case of the second tranche, and in February 2018 in the case of the third tranche. 19. Total amount paid (if any) for grant 20. Description of shares or of the option debentures involved (class and number) £Nil Restricted Share Award structured as nil-cost options, granted over the issuer's common shares of US$0.50 each under the Company's Restricted Share Scheme Deferred Bonus Plan. 1. Alex Maloney - 41,929 2. Elaine Whelan - 29,540 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 Nil Total number of Restricted Share Awards granted under the Restricted Share Scheme Awards Bonus Deferral Plan* and held following the notification: 1. Alex Maloney - 87,539 2. Elaine Whelan - 68,735 * (vesting is subject to time and employment conditions only) Total number of Restricted Share Awards granted under the Restricted Share Scheme ** and held following notification: 1. Alex Maloney - 594,093 2. Elaine Whelan - 424,018 ** 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. 23. Any additional information 24. Name of contact and telephone number for queries As noted in the issuer's Annual Report and Accounts for 2014 ("2014 Christopher Head +44 (0)20 7264 Annual Report"), the annual bonus for 4145 Executive Directors of Lancashire Holdings Limited is calculated using both an absolute Return on Equity ("RoE") and relative RoE component. The relative RoE component is measured against appropriate peer companies as set out on page 75 of the 2014 Annual Report. As at the date of the approval of the 2014 Annual Report (being 11 February 2015), all the relevant peer companies had not reported their annual results and it was stated, provisionally, that the relative RoE component, was below median resulting in a zero per cent pay out for this element of the annual bonus. Now that all the peer companies have reported, the Remuneration Committee can confirm that the payout for the relative RoE component was at the 65.3 per centile (based on the growth in book value, adjusted for dividends, warrant exercises and dividend equivalent payments, of 14.3%), resulting in an aggregate bonus payment for the relative RoE component of US$446,847 to Alex Maloney and US$328,621 to Elaine Whelan. Accordingly, the total annual bonus for 2014 for Alex Maloney was US$1,562,765 and for Elaine Whelan was US$1,101,011 of which US$390,692 and US$275,253 were paid as Deferred Bonus Awards. Name of authorised official of issuer for making notification Christopher HeadAssistant Company Secretary20 March 2015