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: | 25 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 | SALES | 2,855,706 | 5.6160 GBP | 5.5720 GBP |
| 32 17/19p ordinary | PURCHASES | 1,970,913 | 5.6170 GBP | 5.5720 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 | 367 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 25,657 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 51,991 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,445 | 5.5847 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30,248 | 5.5876 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,296 | 5.5886 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 24 | 5.5900 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,912 | 5.5933 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 549 | 5.5933 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,557 | 5.5933 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 468 | 5.5933 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 62 | 5.5948 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 18,774 | 5.5952 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,902 | 5.5976 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 27,152 | 5.5983 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,476 | 5.5984 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 328 | 5.5991 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,874 | 5.6007 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 126,425 | 5.6034 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 147 | 5.6040 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,979 | 5.6082 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,015 | 5.6082 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,568 | 5.6113 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 216 | 5.6126 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,679 | 5.5830 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25,300 | 5.5834 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 84 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 36,198 | 5.5878 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 56,870 | 5.5930 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,684 | 5.5778 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,920 | 5.5833 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 33,730 | 5.5838 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 27,856 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,248 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 237 | 5.5845 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,799 | 5.5846 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,084 | 5.5870 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 30,861 | 5.5878 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 590 | 5.5887 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,645 | 5.5906 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 31,225 | 5.5907 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,612 | 5.5969 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,482 | 5.6050 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,476 | 5.6100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 216 | 5.6171 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 938 | 5.5754 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,406 | 5.5764 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 38,910 | 5.5780 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,453 | 5.5790 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 33,876 | 5.5793 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,993 | 5.5800 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 285 | 5.5806 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,935 | 5.5824 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,400 | 5.5827 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 99,195 | 5.5828 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 80,027 | 5.5839 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 929 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 192 | 5.5840 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,014 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 14,125 | 5.5876 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,600 | 5.5879 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,400 | 5.5879 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 242,500 | 5.5879 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 139,488 | 5.5879 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 30,645 | 5.5879 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,219 | 5.5885 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,910 | 5.5885 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 10 | 5.5890 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32,300 | 5.5892 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 28,258 | 5.5946 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 19 | 5.5974 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 33 | 5.5974 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 159 | 5.5974 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 32,979 | 5.5977 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 42,071 | 5.6049 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,708 | 5.6049 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: | 26 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
