AMENDMENT(2(a), 2(b))
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: | 19 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 | 1,941,946 | 5.6530 GBP | 5.5923 GBP |
| 32 17/19p ordinary | SALES | 3,916,829 | 5.6569 GBP | 5.6010 GBP |
| 32 17/19p ordinary | SALES | 85,312 | 6.7015 EUR | 6.7013 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 | 154 | 5.6155 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 200 | 5.6155 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,149 | 5.6155 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,920 | 5.6155 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 85,824 | 5.6158 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 43,507 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 22,516 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,171 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,235 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 32,574 | 5.6229 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,165 | 5.6233 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,533 | 5.6233 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,026 | 5.6274 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,698 | 5.6284 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 81 | 5.6305 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 88,876 | 5.6329 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 40,280 | 5.6341 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 49,375 | 5.6434 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 112,633 | 5.6436 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,359 | 5.6447 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,800 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 219,342 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 987 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,387 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 33,000 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,900 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 41,200 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,418 | 5.6457 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 14,116 | 5.6457 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,245 | 5.6466 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 176 | 5.6470 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 500 | 5.6470 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18 | 5.6470 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,026 | 5.6477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,722 | 5.6485 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 56,793 | 5.6489 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,662 | 5.6501 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,085 | 5.6506 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,057 | 5.6510 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,010 | 5.6012 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,740 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,281 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 525 | 5.6161 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 707 | 5.6164 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,611 | 5.6164 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,210 | 5.6164 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 446 | 5.6164 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 861 | 5.6173 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,062 | 5.6190 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8 | 5.6272 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 28,907 | 5.6282 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4 | 5.6326 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3 | 5.6359 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 20,602 | 5.6394 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 11,563 | 5.6428 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,905 | 5.6451 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,213 | 5.6453 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 162 | 5.6460 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,980 | 5.6468 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3 | 5.6493 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 42 | 5.6497 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,363 | 5.6530 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3 | 5.6559 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,033 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 628 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,235 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,882 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 987 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 122 | 5.6272 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 248 | 5.6320 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 96 | 5.6385 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 39,623 | 5.6452 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,311 | 5.6484 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,639 | 5.6484 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,010 | 5.6040 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 31 | 5.6158 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 49,046 | 5.6159 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 142 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 348 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 129,104 | 5.6160 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,533 | 5.6231 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 62,246 | 5.6233 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,004 | 5.6240 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,062 | 5.6258 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 94,800 | 5.6313 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 300 | 5.6322 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 68,403 | 5.6364 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,438 | 5.6364 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 29,351 | 5.6364 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 204,198 | 5.6364 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 58,884 | 5.6364 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 600 | 5.6364 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,622 | 5.6376 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 70 | 5.6406 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5 | 5.6416 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 23,153 | 5.6431 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,254 | 5.6443 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34,203 | 5.6443 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,932 | 5.6444 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 300 | 5.6444 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 335 | 5.6455 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 71,396 | 5.6456 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,057 | 5.6457 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 36,027 | 5.6458 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,170 | 5.6462 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 160,559 | 5.6464 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 21,138 | 5.6468 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,054 | 5.6485 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,900 | 5.6486 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 21,900 | 5.6486 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,850 | 5.6496 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,647 | 5.6502 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,444 | 5.6506 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4 | 5.6506 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 162 | 5.6535 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: | 21 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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