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: | 18 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 | 2,609,149 | 4.6864 GBP | 4.6320 GBP |
| 32 17/19p ordinary | SALES | 3,468,665 | 4.6870 GBP | 4.6300 GBP |
| 32 17/19p ordinary | PURCHASES | 53,715 | 5.6235 EUR | 5.6219 EUR |
| 32 17/19p ordinary | PURCHASES | 279 | 5.8871 USD | 5.8871 USD |
| 32 17/19p ordinary | SALES | 279 | 5.8871 USD | 5.8871 USD |
(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 | 207 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 31,291 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,600 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 400 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,200 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,400 | 4.6335 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,600 | 4.6344 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 60,360 | 4.6344 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 391 | 4.6344 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,900 | 4.6344 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,400 | 4.6344 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 600 | 4.6344 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,918 | 4.6380 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 175 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,773 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 458 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 982 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 50,000 | 4.6405 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,900 | 4.6430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 17,100 | 4.6430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 35,600 | 4.6430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 26,200 | 4.6430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,566 | 4.6430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 241,438 | 4.6430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,568 | 4.6434 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,475 | 4.6456 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,658 | 4.6493 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,202 | 4.6500 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 22,461 | 4.6500 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 42,678 | 4.6500 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 127,174 | 4.6500 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 14,286 | 4.6500 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 16,000 | 4.6565 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,600 | 4.6565 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,300 | 4.6565 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,800 | 4.6565 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 108,647 | 4.6565 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 765 | 4.6565 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 338 | 4.6674 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 70,671 | 4.6713 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 38 | 4.6750 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 539 | 4.6808 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,299 | 4.6346 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,172 | 4.6346 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,105 | 4.6376 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17,756 | 4.6380 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 34,412 | 4.6380 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,256 | 4.6382 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,472 | 4.6385 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,548 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 657 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 149 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,458 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 19,448 | 4.6398 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 103 | 4.6399 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,731 | 4.6417 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 66,434 | 4.6422 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,670 | 4.6443 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 21,683 | 4.6443 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 23,614 | 4.6449 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 500 | 4.6501 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,670 | 4.6514 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,799 | 4.6547 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,353 | 4.6553 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,386 | 4.6558 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18,372 | 4.6606 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,448 | 4.6653 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 400 | 4.6710 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,100 | 4.6790 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,687 | 4.6376 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,770 | 4.6395 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,133 | 4.6417 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 234 | 4.6439 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,599 | 4.6447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,024 | 4.6447 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,572 | 4.6486 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 982 | 4.6750 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,996 | 4.6381 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 163,398 | 4.6387 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,503 | 4.6388 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,074 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 30,345 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16 | 4.6390 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 49,623 | 4.6410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,484 | 4.6422 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 250,700 | 4.6450 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18,372 | 4.6490 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 46,792 | 4.6541 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,556 | 4.6552 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,217 | 4.6575 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,825 | 4.6580 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 838 | 4.6810 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,353 | 4.6830 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: | 19 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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