Lancashire Holdings Regulatory News (LRE)

28 Feb 2012 17:57

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

1. Name of the issuer 2. State whether the notification related to (i) a transaction Lancashire Holdings Limited notified in accordance with DTR 3.1.2 R, (ii) a disclosure made (the "Company") in accordance with LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the 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

managerial responsibilities/ relates to a person connected director with a person discharging managerial responsibilities/ 1. Richard Brindle (Executive director named in 3 and identify Director and Group CEO) connected person 2. Alex Maloney (Executive N/A Director and Group Chief Underwriting Officer)

5. Indicate whether the notification 6. Description of shares (including

is in respect of a holding of the class), debentures or derivatives person referred to in 3 or 4 or financial instruments relating above or in respect of a to shares non-beneficial interest 1. Lancashire Holdings Limited Persons referred to at 3 above. ("LHL")Restricted Share Scheme Award and LHL Restricted Share Scheme Awwards Bonus Deferral Plan. 2. Lancashire Holdings Limited ("LHL")Restricted Share Scheme Award

7. Name of registered shareholder(s) 8. State the nature of the

and, if more than one, the number transaction of shares held by each of them 1. Exercise of 417,848 1. Richard Brindle Restricted Share 2. Alex Maloney Awards granted as nil-cost options over common shares of US$0.50 each, of which (350,625) were granted under the Lancashire Holdings Limited Restricted Share Scheme and (67,223) were granted under the Lancashire Holdings Limited Restricted Share Scheme Awards Bonus Deferral Plan and subsequent related sale of 217,716 resultant shares to cover tax liabilities 2. Exercise of 70,125 Restricted Share Awards granted as nil-cost options over common shares of US$0.50 each which were granted under the Lancashire Holdings Limited Restricted Share Scheme and the subsequent related sale of 36,538 resultant shares to cover tax liabilities

9. Number of shares, debentures or 10. Percentage of issued class

financial instruments relating to acquired (treasury shares of the shares acquired class should not be taken into account when calculating (1) 417,848 percentage) (2) 70,125 (1) 0.2625% (2) 0.0441%

11. Number of shares, debentures or 12. Percentage of issued class

financial instruments relating to disposed (treasury shares of the shares disposed class should not be taken into account when calculating (1) 217,716 (sold in order to percentage) cover tax 1. 0.1368% liabilities arising out of the exercise 2. 0.0230% of the shares as noted in 8 (1) above) (2) 36,538 (sold in order to cover tax liabilities arising out of the exercise of the shares as noted in 8 (2) above)

13. Price per share or value of 14. Date and place of transaction

transaction (1) 27 February 2012 - London, (1) £7.763208 per share England (2) £7.763208 per share (2) 27 February 2012 - London, England 15. Total holding following 16. Date issuer informed of notification and total percentage transactions holding following notification (any treasury shares should not 27 February 2012 be taken into account when calculating percentage) (1) 924,732 common shares 0.5810% * (2) 191,415 common shares 0.1203% ** *of which 23,521 shares represent forfeitable shares awarded on 25 March 2010 pursuant to a Lancashire Holdings Limited bonus deferral scheme **of which 10,252 shares represent forfeitable shares awarded on 25 March 2010 pursuant to a Lancashire Holdings Limited bonus deferral scheme

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant 18. Period during which or date on which exercisable

19. Total amount paid (if any) for 20. Description of shares or

grant of the option debentures involved (class and number)

21. Exercise price (if fixed at time 22. Total number of shares or

of grant) or indication that debentures over which options

price is to be fixed at the time held following notification

of exercise

23. Any additional information 24. Name of contact and telephone

number for queries In addition to the securities noted in question 15 above, Jonny Creagh-Coen + 44 (0) 207 Richard Brindle also holds the 264 4066 following interests in the Company: Restricted Share Scheme Awards Bonus Deferral Plan- 191,938 (subject to time and employment conditions only) Restricted Share Scheme Awards- 687,741*** Time vesting warrants - 5,625, 217 Performance warrants - 741,965 Founder Warrants - 46,260 In addition to the securities noted in question 15 above, Alex Maloney also holds the following interests in the Company: Restricted Share Scheme Awards Bonus Deferral Plan- 41,105 (subject to time and employment conditions only) Restricted Share Scheme Awards- 332,448*** ***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. N.B: Richard Brindle and Alex Maloney have only sold the number of shares required to cover tax liabilities and both have retained the remainder of the resulting shares. Name of authorised official if issuer making notification Christopher Head Assistant Company Secretary 28 February 2012