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: | 07 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 | 3,904,973 | 4.8510 GBP | 4.7930 GBP |
| 32 17/19p ordinary | SALES | 2,973,632 | 4.8510 GBP | 4.7900 GBP |
| 32 17/19p ordinary | SALES | 4,021 | 5.8197 EUR | 5.8197 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 | 453 | 4.8060 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,969 | 4.8142 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 44 | 4.8143 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 231 | 4.8159 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,370 | 4.8180 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 275 | 4.8217 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,228 | 4.8249 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,021 | 4.8305 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,881 | 4.8377 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,074 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 770 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 719,204 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 33 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,756 | 4.7912 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,441 | 4.7970 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,032 | 4.7976 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,769 | 4.8068 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 52,425 | 4.8091 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,824 | 4.8157 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,923 | 4.8225 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 92,780 | 4.8228 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 33,077 | 4.8239 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,900 | 4.8247 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,059 | 4.8251 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,900 | 4.8264 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,976 | 4.8267 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,345 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 474 | 4.8296 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,294 | 4.8307 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 58,698 | 4.8317 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,073 | 4.8319 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,163 | 4.8319 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,785 | 4.8321 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7 | 4.8321 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,104 | 4.8321 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 312,900 | 4.8327 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,208 | 4.8361 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 13,727 | 4.8371 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 281,761 | 4.8388 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 541 | 4.8390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 711,610 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 574 | 4.7946 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,216 | 4.7946 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,146 | 4.7946 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,449 | 4.7946 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,437 | 4.7946 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,969 | 4.8118 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 21,274 | 4.8130 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,975 | 4.8130 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 63,219 | 4.8130 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,552 | 4.8130 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,093 | 4.8130 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 84,000 | 4.8185 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 53,147 | 4.8239 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 231 | 4.8246 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 728 | 4.8267 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,523 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 27,110 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,041 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,123 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,848 | 4.8273 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 22,201 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,490 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,247 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,471 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,151 | 4.8285 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,264 | 4.8312 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 248 | 4.8318 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,781 | 4.8375 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,231 | 4.8375 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,466 | 4.8385 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,157 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 50,983 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 380 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,720 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,864 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,237 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,287 | 4.8414 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,164 | 4.8414 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,204 | 4.8414 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,388 | 4.8414 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,697 | 4.8414 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,546 | 4.8060 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 33,077 | 4.8249 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 50,251 | 4.8249 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,428 | 4.8249 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,468 | 4.8269 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,710 | 4.8275 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,518 | 4.8281 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 43,693 | 4.8334 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,759 | 4.8343 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 599 | 4.8359 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 31,841 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,753 | 4.8370 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 56,220 | 4.8379 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 50,437 | 4.8399 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,200 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,325 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,377 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 541 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 900 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 308 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,114 | 4.8410 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 600 | 4.8410 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: | 08 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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