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 March 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 | 1,067,488 | 5.4880 GBP | 5.3920 GBP |
| 32 17/19p ordinary | SALES | 1,694,954 | 5.4900 GBP | 5.3940 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 | 815 | 5.4200 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,630 | 5.4385 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 220 | 5.4385 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,103 | 5.4488 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 200,873 | 5.4559 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 78,870 | 5.4599 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,083 | 5.4626 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,165 | 5.4634 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 78 | 5.4659 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 700 | 5.4666 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,500 | 5.4666 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18,151 | 5.4694 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 56,609 | 5.4718 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 884 | 5.4735 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,047 | 5.4736 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,475 | 5.4740 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 62,234 | 5.4741 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 49,154 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 31,505 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,100 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,383 | 5.4770 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 299 | 5.4000 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 908 | 5.4000 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,016 | 5.4053 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18,683 | 5.4053 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 184 | 5.4161 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4 | 5.4195 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7 | 5.4234 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,249 | 5.4234 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,210 | 5.4436 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,881 | 5.4457 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 9,353 | 5.4513 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12 | 5.4545 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5 | 5.4560 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 697 | 5.4636 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 210,145 | 5.4674 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 143,300 | 5.4679 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 167 | 5.4679 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 71 | 5.4703 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 54,787 | 5.4735 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 115 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 654 | 5.4761 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 199 | 5.4773 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 353 | 5.4781 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,103 | 5.4277 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,285 | 5.4457 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 60,651 | 5.4513 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 18,474 | 5.4628 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 654 | 5.4661 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,315 | 5.4663 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 78,870 | 5.4717 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,070 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,083 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,953 | 5.4146 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 400 | 5.4386 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 512 | 5.4386 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,800 | 5.4476 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 676 | 5.4477 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4 | 5.4508 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 33 | 5.4544 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,707 | 5.4545 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 33,644 | 5.4621 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 24,700 | 5.4621 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 43,453 | 5.4622 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22 | 5.4659 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 15 | 5.4659 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,804 | 5.4700 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 922 | 5.4700 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 255 | 5.4703 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 57,355 | 5.4708 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,755 | 5.4708 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 195 | 5.4720 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32 | 5.4725 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 766 | 5.4726 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 779 | 5.4735 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 124 | 5.4740 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12 | 5.4741 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,353 | 5.4741 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,555 | 5.4747 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 500 | 5.4749 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,500 | 5.4756 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,113 | 5.4757 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,993 | 5.4757 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,339 | 5.4759 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,559 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,848 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 40,308 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 282 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 275 | 5.4760 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 15,953 | 5.4761 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,097 | 5.4769 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,973 | 5.4770 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 87 | 5.4806 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: | 17 March 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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