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: | 02 January 2025 |
| (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 | 1,918,922 | 4.7354 GBP | 4.6766 GBP |
| 32 17/19p ordinary | SALES | 1,879,929 | 4.7362 GBP | 4.6780 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 |
| 32 17/19p ordinary | CFD | increasing a long position | 1,383 | 4.6673 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 143,350 | 4.6822 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 131,026 | 4.6830 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 572 | 4.6880 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,839 | 4.6889 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 44,669 | 4.6964 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,619 | 4.6978 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 112 | 4.6980 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 34 | 4.6994 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 989 | 4.6994 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 235 | 4.7050 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,974 | 4.7089 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 50,173 | 4.7126 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 153,535 | 4.7150 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,600 | 4.7157 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 22,198 | 4.7160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 19,302 | 4.7160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,398 | 4.7160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,162 | 4.7160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,519 | 4.7193 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,475 | 4.7305 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,685 | 4.7310 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,473 | 4.7321 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,247 | 4.7333 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,508 | 4.7348 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,300 | 4.6793 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,200 | 4.6803 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 65,126 | 4.6878 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,250 | 4.6985 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 91,514 | 4.7036 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,557 | 4.7054 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,858 | 4.7079 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 30,544 | 4.7119 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2 | 4.7170 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,200 | 4.7184 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,009 | 4.7195 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,613 | 4.7241 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,095 | 4.7241 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 192,232 | 4.7278 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,272 | 4.7287 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,513 | 4.7306 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 77 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 113 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 42,334 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,262 | 4.7354 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25 | 4.7354 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 73 | 4.7354 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17 | 4.7354 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,481 | 4.6985 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 162,054 | 4.7012 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 112 | 4.7063 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,728 | 4.7066 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,241 | 4.7076 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,519 | 4.7166 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,136 | 4.7201 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,509 | 4.7201 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 665 | 4.7217 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,497 | 4.7218 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 218 | 4.7218 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,271 | 4.7218 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,458 | 4.7263 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,149 | 4.7310 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 337 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 630 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 425 | 4.6880 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34,728 | 4.6886 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,223 | 4.6886 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 51,704 | 4.6994 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,410 | 4.7039 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,752 | 4.7047 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,125 | 4.7061 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 890 | 4.7066 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,714 | 4.7140 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,924 | 4.7152 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,181 | 4.7152 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2 | 4.7157 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 74,078 | 4.7210 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,253 | 4.7237 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,249 | 4.7327 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 169,849 | 4.7341 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,301 | 4.7346 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23,884 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 42,334 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 340 | 4.7350 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,250 | 4.7350 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: | 03 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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