AMENDMENT(2(a), 2(b))
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 | Direct Line Insurance Group 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: | 27 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- Aviva 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 |
| 10 10/11p ordinary | SALES | 8,992,331 | 2.5430 GBP | 2.5040 GBP |
| 10 10/11p ordinary | PURCHASES | 1,099,713 | 2.5500 GBP | 2.5085 GBP |
(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 |
| 10 10/11p ordinary | CFD | increasing a long position | 6,735,525 | 2.5040 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 4,208 | 2.5279 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 12,917 | 2.5300 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 2,389 | 2.5311 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 16,579 | 2.5327 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 13,297 | 2.5359 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 15,640 | 2.5359 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 22,970 | 2.5375 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 1,735 | 2.5399 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 12,720 | 2.5416 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 21,233 | 2.5418 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 157 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 6,986 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 3,246 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | increasing a long position | 38,801 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 83,479 | 2.5085 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 166,207 | 2.5334 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 4,330 | 2.5347 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 531 | 2.5347 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 981 | 2.5355 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 153 | 2.5367 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 12,636 | 2.5379 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 124,274 | 2.5397 GBP |
| 10 10/11p ordinary | CFD | increasing a short position | 243,494 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 2,303 | 2.5275 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 4,208 | 2.5320 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 6,986 | 2.5347 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 31,480 | 2.5347 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 12,917 | 2.5375 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 1,821 | 2.5379 GBP |
| 10 10/11p ordinary | CFD | reducing a long position | 1,361 | 2.5400 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 6,205 | 2.5280 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 40,639 | 2.5284 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 12,800 | 2.5286 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 4,000 | 2.5298 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,565 | 2.5311 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,633 | 2.5324 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 613 | 2.5334 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,854 | 2.5335 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 790,000 | 2.5340 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,064 | 2.5354 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 210 | 2.5357 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 36 | 2.5357 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 294 | 2.5357 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,401 | 2.5357 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,635 | 2.5357 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 62,752 | 2.5357 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 651 | 2.5361 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 155 | 2.5361 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,317 | 2.5361 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 120,552 | 2.5361 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 31,925 | 2.5362 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,932 | 2.5362 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 4,330 | 2.5375 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 323,721 | 2.5377 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 24,033 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 155 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 2,663 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,631 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 62,823 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 1,743 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 286 | 2.5382 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 531 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 12,636 | 2.5420 GBP |
| 10 10/11p ordinary | CFD | reducing a short position | 3,172 | 2.5420 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: | 02 January 2025 |
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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