FORM 8.5 (EPT/RI)
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")
1. KEY INFORMATION
| (a) Name of exempt principal trader: | Morgan Stanley & Co. International plc |
| (b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Aviva plc |
| (c) Name of the party to the offer with which exempt principal trader is connected: | Direct Line Insurance Group plc |
| (d) Date dealing undertaken: | 28 November 2024 |
| (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A" | YES - Direct Line Insurance Group plc |
2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
| Class of relevant security | Purchases/ sales
| Total number of securities | Highest price per unit paid/received | Lowest price per unit paid/received |
| 32 17/19p ordinary | PURCHASES | 2,140,499 | 4.8225 GBP | 4.7110 GBP |
| 32 17/19p ordinary | SALES | 3,131,623 | 4.8300 GBP | 4.7110 GBP |
| 32 17/19p ordinary | PURCHASES | 21,416 | 5.7561 EUR | 5.7561 EUR |
(b) Cash-settled derivative transactions
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
| 32 17/19p ordinary | CFD | increasing a long position | 1,466 | 4.7449 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,800 | 4.7520 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,253 | 4.7568 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 31,108 | 4.7570 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 283 | 4.7575 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,717 | 4.7580 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,151 | 4.7603 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 58,152 | 4.7721 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 19,420 | 4.7721 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,781 | 4.7721 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,230 | 4.7721 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,220 | 4.7721 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,193 | 4.7736 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,379 | 4.7736 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 483 | 4.7752 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 80 | 4.7752 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 192 | 4.7752 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,448 | 4.7752 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 154 | 4.7752 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 77,565 | 4.7803 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,075 | 4.7808 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,459 | 4.7808 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,276 | 4.7808 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 22,989 | 4.7808 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,677 | 4.7808 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,630 | 4.7893 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 561,380 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 120,000 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 26,963 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 353 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,026 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,600 | 4.7358 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,753 | 4.7400 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,000 | 4.7440 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 600 | 4.7463 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,402 | 4.7507 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,524 | 4.7528 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,890 | 4.7528 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,302 | 4.7565 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 380 | 4.7583 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,758 | 4.7780 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 292,985 | 4.7817 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,408 | 4.7895 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 80,264 | 4.7905 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 174 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 54,517 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,862 | 4.7952 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,211 | 4.7400 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,259 | 4.7414 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,466 | 4.7507 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,995 | 4.7602 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,015 | 4.7662 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,177 | 4.7768 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,520 | 4.7841 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,714 | 4.7858 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,737 | 4.7860 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 21,416 | 4.7875 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 26,963 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 24,295 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 283 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,369 | 4.7957 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,028 | 4.7983 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,442 | 4.8017 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 400 | 4.7380 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,485 | 4.7523 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 342 | 4.7530 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23,023 | 4.7534 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 52,908 | 4.7554 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,000 | 4.7592 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 377 | 4.7595 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,284 | 4.7603 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 274,197 | 4.7608 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23 | 4.7640 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 163,164 | 4.7743 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,769 | 4.7770 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,680 | 4.7804 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,718 | 4.7814 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,712 | 4.7921 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,521 | 4.7921 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,930 | 4.7932 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 845 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 577 | 4.7950 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 184 | 4.7950 GBP |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
| Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
(ii) Exercise
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
| N/A | N/A | N/A | N/A | N/A |
(d) Other dealings (including subscribing for new securities)
| Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
| N/A | N/A | N/A | N/A |
3. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" |
| NONE
|
(b) Agreements, arrangements or understandings relating to options or derivatives
| Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
| NONE
|
Date of disclosure: | 29 November 2024 |
Contact name: | Craig Horsley |
Telephone number: | +44 141 245-7736 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
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