Lancashire Holdings Regulatory News (LRE)

6 Mar 2012 15:02

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 in accordance with LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006) (i)

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 N/A (2) Neil McConachie (Executive Director and President) (3) Alex Maloney (Executive 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 N/A Persons referred to at 3 above

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 Grants of Restricted Share Awards N/A in the form of nil-cost options over the issuer's common shares pursuant to the issuer's Restricted Share Scheme rules, as amended by the issuer's shareholders on 22 December 2010. These grants have been made 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

financial instruments relating to acquired (treasury shares of the shares acquired class should not be taken into account when calculating N/A percentage) N/A

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 N/A percentage) N/A

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

transaction N/A N/A 15. Total holding following 16. Date issuer informed of notification and total percentage transaction holding following notification (any treasury shares should not N/A be taken into account when calculating percentage) N/A

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 5 March 2012 In accordance with the issuer's Restricted Share Scheme rules as amended by the issuer's shareholders on 22 December 2010, 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 Tranche will commence in February 2013, in February 2014 in the case of the second Tranche, and in February 2015 in the case of the third Tranche.

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

grant 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) Richard Brindle - 65,123 (2) Neil McConachie - 25,886 (3) Alex Maloney - 13,454

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 Total number of Restricted Share Nil Awards granted under the Restricted Share Scheme Awards Bonus Deferral Plan* and held following the notification: (1) Richard Brindle - 257,061 (2) Neil McConachie - 103,639 (3) Alex Maloney - 54,559 * (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) Richard Brindle - 928,004 (2) Neil McConachie - 561,327 (3) Alex Maloney - 519,613 **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. Total number of time vesting warrants held following notification: Richard Brindle - 5,625,217 Total number of performance warrants held following notification: Richard Brindle - 741,965 Total number of Founder warrants held following notification: Richard Brindle - 46,260

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

number for queries Christopher Head + 44 (0) 207 264 4145 Name of authorised official if issuer for making notification Christopher Head Assistant Company Secretary 6 March 2012