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: | 14 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 | 2,646,712 | 4.7230 GBP | 4.6760 GBP |
| 32 17/19p ordinary | SALES | 2,351,303 | 4.7230 GBP | 4.6760 GBP |
| 32 17/19p ordinary | PURCHASES | 132,967 | 5.5503 EUR | 5.5502 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 | 88 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 43 | 4.6899 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,845 | 4.6902 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,258 | 4.6902 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 460,500 | 4.6911 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 28,670 | 4.6926 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 28,670 | 4.7006 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,699 | 4.7009 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 89,847 | 4.7009 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 28,740 | 4.7009 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 125,371 | 4.7009 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 19,043 | 4.7009 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 28,670 | 4.7076 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,491 | 4.7126 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 171 | 4.6790 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 830 | 4.6817 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,354 | 4.6853 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,219 | 4.6856 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,752 | 4.6861 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,780 | 4.6863 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 215,126 | 4.6866 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 69,560 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 79,179 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 337 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 28,087 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 800 | 4.6874 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 56,183 | 4.6876 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 839 | 4.6890 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,637 | 4.6891 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 465 | 4.6900 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 450 | 4.6905 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 95,838 | 4.6910 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,625 | 4.6912 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 285,500 | 4.6914 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,882 | 4.6939 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 249 | 4.6948 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 101,397 | 4.6960 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,559 | 4.6964 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,217 | 4.6973 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 770 | 4.6978 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 44,081 | 4.7018 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 396 | 4.7052 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 82 | 4.7074 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 70 | 4.7074 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 87 | 4.7090 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,400 | 4.7137 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 26,100 | 4.7141 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 477 | 4.7200 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 138 | 4.6835 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,984 | 4.6861 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,491 | 4.6862 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,632 | 4.6863 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,359 | 4.6868 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,278 | 4.6868 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,463 | 4.6869 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 421 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 53,788 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 25,858 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,792 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,491 | 4.6871 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 786 | 4.6926 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 27 | 4.6926 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 539 | 4.6928 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 55,067 | 4.6931 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 90 | 4.7090 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 272 | 4.7090 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 75,119 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,859 | 4.6870 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 71,002 | 4.6883 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3 | 4.6883 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 86 | 4.6888 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10,637 | 4.6908 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 67 | 4.6916 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,173 | 4.6932 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 43,405 | 4.6932 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,496 | 4.6951 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18 | 4.6960 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,217 | 4.6961 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 549 | 4.6970 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 235 | 4.6974 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 537 | 4.6974 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,491 | 4.6987 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 69,238 | 4.7009 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,474 | 4.7090 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 383 | 4.7094 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 501 | 4.7126 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: | 15 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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