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: | 01 April 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 | 2,041,207 | 5.6100 GBP | 5.5100 GBP |
| 32 17/19p ordinary | SALES | 3,009,956 | 5.6140 GBP | 5.5128 GBP |
| 32 17/19p ordinary | PURCHASES | 6,631 | 6.6775 EUR | 6.6775 EUR |
| 32 17/19p ordinary | PURCHASES | 21,285 | 7.2193 USD | 7.2078 USD |
| 32 17/19p ordinary | SALES | 17,649 | 7.2193 USD | 7.2193 USD |
(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 | 400 | 5.5237 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,500 | 5.5237 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,000 | 5.5237 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,800 | 5.5237 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 206 | 5.5237 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 30,364 | 5.5237 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,136 | 5.5287 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 700 | 5.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,600 | 5.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,900 | 5.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,900 | 5.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 301 | 5.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 52,079 | 5.5477 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 315 | 5.5545 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,658 | 5.5585 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 247 | 5.5594 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 23,824 | 5.5638 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,457 | 5.5639 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,000 | 5.5640 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,527 | 5.5653 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 548 | 5.5653 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,275 | 5.5653 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,263 | 5.5653 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 42,207 | 5.5679 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,567 | 5.5690 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,370 | 5.5706 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,942 | 5.5726 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 60,677 | 5.5740 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,756 | 5.5758 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6 | 5.5790 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 26,039 | 5.5792 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 150 | 5.5792 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,900 | 5.5792 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,000 | 5.5792 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,800 | 5.5792 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 300 | 5.5792 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 35,337 | 5.5834 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,751 | 5.5859 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 45 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 255 | 5.5866 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,856 | 5.5872 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,714 | 5.5896 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,398 | 5.6094 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 3,620 | 5.6100 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 105,811 | 5.5390 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,467 | 5.5497 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,357 | 5.5503 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 70,779 | 5.5509 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 11,977 | 5.5557 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 396 | 5.5634 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,211 | 5.5634 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 300 | 5.5644 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18,746 | 5.5663 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 161 | 5.5663 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 192 | 5.5663 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,253 | 5.5663 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,679 | 5.5671 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4 | 5.5700 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,407 | 5.5715 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 75 | 5.5716 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 907 | 5.5716 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 28,451 | 5.5716 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 128 | 5.5716 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,919 | 5.5718 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,173 | 5.5726 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,117 | 5.5734 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,260 | 5.5734 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 347 | 5.5734 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,636 | 5.5754 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 758 | 5.5771 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 31,377 | 5.5796 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,631 | 5.5810 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 43,416 | 5.5841 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,471 | 5.5855 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,832 | 5.5855 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 175 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,390 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 597 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 22,525 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,912 | 5.5891 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,785 | 5.5265 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 29,552 | 5.5382 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 960 | 5.5448 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,370 | 5.5503 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,579 | 5.5525 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 54 | 5.5534 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,716 | 5.5616 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,127 | 5.5668 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,944 | 5.5668 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 23,824 | 5.5737 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 32,809 | 5.5796 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 31,377 | 5.5797 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 108,919 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,139 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,620 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 39 | 5.5860 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,921 | 5.5868 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 20,229 | 5.5868 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,931 | 5.5868 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 8,589 | 5.5868 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,524 | 5.6100 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,721 | 5.6100 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,500 | 5.5291 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 61,425 | 5.5547 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 22,711 | 5.5606 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 86 | 5.5633 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 215 | 5.5640 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 566,580 | 5.5709 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 619,493 | 5.5709 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,000 | 5.5718 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,275 | 5.5743 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 54,437 | 5.5748 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,501 | 5.5748 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 427 | 5.6100 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,180 | 5.6100 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: | 03 April 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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