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: | 17 December 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 | 2,129,929 | 4.6860 GBP | 4.6500 GBP |
| 32 17/19p ordinary | SALES | 3,320,403 | 4.6860 GBP | 4.6460 GBP |
| 32 17/19p ordinary | PURCHASES | 15,069 | 5.6599 EUR | 5.6599 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 | 2,057 | 4.6555 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 43,005 | 4.6612 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 40,522 | 4.6653 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,896 | 4.6657 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,929 | 4.6664 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 71,675 | 4.6677 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,437 | 4.6677 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 19,341 | 4.6704 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,982 | 4.6706 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 70,000 | 4.6712 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 273 | 4.6730 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,751 | 4.6732 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 66,746 | 4.6757 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30,109 | 4.6759 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,861 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 430 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 110,787 | 4.6782 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 71,675 | 4.6797 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,535 | 4.6631 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 98,359 | 4.6635 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 800 | 4.6668 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 153,548 | 4.6684 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,156 | 4.6697 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 404 | 4.6702 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,248 | 4.6708 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 26,371 | 4.6708 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 972 | 4.6710 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 888 | 4.6710 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4 | 4.6710 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 317 | 4.6710 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,123 | 4.6712 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,568 | 4.6712 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 400 | 4.6713 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25,890 | 4.6723 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,408 | 4.6723 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 789 | 4.6729 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 51,985 | 4.6734 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 44,887 | 4.6740 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,069 | 4.6741 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,148 | 4.6742 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 787 | 4.6746 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,073 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,267 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 278 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,089 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 949 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,034 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 987 | 4.6749 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 395 | 4.6566 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,679 | 4.6671 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,140 | 4.6678 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,428 | 4.6681 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,147 | 4.6681 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,197 | 4.6681 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,297 | 4.6681 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 38,902 | 4.6681 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 16,570 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,109 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,169 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 19,650 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,640 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,740 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,491 | 4.6696 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 298 | 4.6702 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,437 | 4.6711 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,595 | 4.6711 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,864 | 4.6711 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,262 | 4.6711 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 645 | 4.6711 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 19 | 4.6715 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,048 | 4.6736 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,097 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,555 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 40 | 4.6761 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,195 | 4.6767 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 776 | 4.6530 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,310 | 4.6590 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 99,956 | 4.6634 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 39,430 | 4.6647 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,141 | 4.6657 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,303 | 4.6668 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,137 | 4.6677 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 308,024 | 4.6687 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,980 | 4.6693 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,197 | 4.6694 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,250 | 4.6699 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,686 | 4.6707 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,161 | 4.6707 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,661 | 4.6713 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,548 | 4.6723 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 856 | 4.6724 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 574 | 4.6724 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,900 | 4.6725 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22,227 | 4.6725 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,893 | 4.6726 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 107,855 | 4.6733 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 51,985 | 4.6743 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23,960 | 4.6747 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 888 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,907 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 258,060 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,914 | 4.6760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 789 | 4.6769 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: | 18 December 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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