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: | 04 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 | SALES | 4,569,815 | 5.5176 GBP | 5.2180 GBP |
| 32 17/19p ordinary | PURCHASES | 3,428,853 | 5.5285 GBP | 5.2200 GBP |
| 32 17/19p ordinary | PURCHASES | 70,750 | 6.1692 EUR | 6.1692 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 | 2,612 | 5.2460 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 12,449 | 5.2509 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,488 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,705 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,310 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 692 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,419 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 45 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 32,717 | 5.2659 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,855 | 5.2659 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,430 | 5.2660 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 166,458 | 5.2753 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 25,065 | 5.2776 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 408,700 | 5.2802 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,471 | 5.2856 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,134 | 5.2856 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 143,500 | 5.2868 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 14,423 | 5.2951 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 36,528 | 5.3142 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,396 | 5.3221 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,397 | 5.3235 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 430,050 | 5.3374 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 14,600 | 5.3417 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,990 | 5.3430 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,635 | 5.3487 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 724 | 5.3681 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 11,540 | 5.3821 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 20,960 | 5.3846 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 5,395 | 5.3896 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,078 | 5.3944 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 103,970 | 5.3977 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 10,462 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,631 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,690 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 16,986 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 15,771 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,717 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 8,186 | 5.3990 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 24,214 | 5.4043 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,272 | 5.2531 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 70,750 | 5.2535 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,399 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,436 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 108 | 5.2544 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,777 | 5.2544 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 527 | 5.2544 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,144 | 5.2544 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,219 | 5.2545 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 80,751 | 5.2548 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,606 | 5.2574 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,705 | 5.2602 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,339 | 5.2608 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 254 | 5.2630 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 11,194 | 5.2635 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 15,873 | 5.2648 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,260 | 5.2649 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 178 | 5.2700 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 41,930 | 5.2710 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 330 | 5.2754 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 740 | 5.2789 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,790 | 5.2866 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 556 | 5.2937 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,560 | 5.2937 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,444 | 5.2937 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4 | 5.2980 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 33,368 | 5.3059 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,299 | 5.3096 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 245 | 5.3096 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 367 | 5.3096 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 83 | 5.3096 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,255 | 5.3096 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17,220 | 5.3108 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 27,800 | 5.3108 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,780 | 5.3108 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 155,706 | 5.3235 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,139 | 5.3983 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 961 | 5.4433 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 24,790 | 5.2535 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 223 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 25,065 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 56,071 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 7,219 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 17,767 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 24,035 | 5.2545 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,730 | 5.2548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 10,044 | 5.2548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 928 | 5.2548 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 167 | 5.2551 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 25,299 | 5.2692 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 12,819 | 5.2692 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 57 | 5.2710 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,465 | 5.2827 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,417 | 5.3047 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 820 | 5.3235 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,540 | 5.3728 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,078 | 5.3950 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,033 | 5.5140 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 27 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 786 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 203 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 64,056 | 5.2536 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,468 | 5.2537 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 25,876 | 5.2538 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,660 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 9,042 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 762 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 961 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,194 | 5.2540 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,921 | 5.2567 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,352 | 5.2583 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,059 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,659 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 730 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,332 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,198 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 16,917 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,757 | 5.2644 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,828 | 5.2698 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,011 | 5.2698 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,086 | 5.2726 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,139 | 5.2776 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 216,666 | 5.2802 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 47 | 5.2883 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,165 | 5.2908 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,340 | 5.2909 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 833 | 5.2911 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,672 | 5.3038 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 48,647 | 5.3038 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 180,636 | 5.3519 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 38,000 | 5.3571 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,900 | 5.3571 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,787 | 5.3798 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,892 | 5.3798 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,790 | 5.3846 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 155,706 | 5.4043 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,810 | 5.4505 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 93 | 5.5140 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 30 | 5.5140 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: | 07 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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