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: | 23 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 | 2,212,009 | 5.1400 GBP | 5.0900 GBP |
| 32 17/19p ordinary | SALES | 3,233,836 | 5.1505 GBP | 5.0880 GBP |
| 32 17/19p ordinary | SALES | 85,222 | 6.0669 EUR | 6.0669 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 | 3,418 | 5.1113 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 51,671 | 5.1136 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 16,893 | 5.1136 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 536,168 | 5.1153 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,498 | 5.1159 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,776 | 5.1185 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 85,222 | 5.1189 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,360 | 5.1192 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 34,041 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 314 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,196 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,657 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 391 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,575 | 5.1208 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16 | 5.1040 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 10,257 | 5.1079 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 162 | 5.1080 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16,348 | 5.1082 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,984 | 5.1084 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,833 | 5.1120 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25,227 | 5.1123 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,541 | 5.1126 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,600 | 5.1133 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 703 | 5.1170 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,308 | 5.1173 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,958 | 5.1177 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 16,400 | 5.1187 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,906 | 5.1195 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 31,077 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,391 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 67,851 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 60,388 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,383 | 5.1217 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,168 | 5.1217 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 509 | 5.1224 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,498 | 5.1079 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,532 | 5.1084 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,575 | 5.1123 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 69,767 | 5.1126 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 39 | 5.1165 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 480 | 5.1168 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,269 | 5.1198 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 32,357 | 5.1199 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,173 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 55,282 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,775 | 5.1060 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,936 | 5.1087 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,186 | 5.1102 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 41,070 | 5.1119 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13 | 5.1131 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6 | 5.1133 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 64,006 | 5.1135 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 283 | 5.1136 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 731 | 5.1148 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 31,718 | 5.1156 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,534 | 5.1157 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 764 | 5.1158 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 423 | 5.1158 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 376,342 | 5.1158 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,780 | 5.1167 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 79,000 | 5.1168 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 50,114 | 5.1178 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,973 | 5.1178 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 231,966 | 5.1182 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,093 | 5.1183 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,541 | 5.1192 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 18 | 5.1194 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,707 | 5.1195 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,500 | 5.1196 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,500 | 5.1196 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,800 | 5.1196 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,308 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 53 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,121 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 70,684 | 5.1200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,984 | 5.1206 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,272 | 5.1208 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,573 | 5.1211 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,076 | 5.1238 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: | 24 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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