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 February 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 | 1,999,210 | 5.0600 GBP | 4.9590 GBP |
| 32 17/19p ordinary | SALES | 2,047,799 | 5.0603 GBP | 4.9590 GBP |
| 32 17/19p ordinary | PURCHASES | 146,246 | 5.9956 EUR | 5.9956 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 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 41,471 | 4.9637 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 345 | 4.9650 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 2,438 | 4.9670 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,048 | 4.9743 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 209 | 5.0328 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 393 | 5.0503 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6 | 4.9600 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,993 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 14,830 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 279 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 61,640 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 310 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 389 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 59,496 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 18 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 22,499 | 4.9613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,901 | 4.9617 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 21,096 | 4.9620 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 146,246 | 4.9621 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25,400 | 4.9622 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,472 | 4.9624 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 14,589 | 4.9625 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,354 | 4.9645 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 637 | 4.9647 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 101 | 4.9656 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 43,524 | 4.9661 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,840 | 4.9665 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,911 | 4.9671 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 225 | 4.9671 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 164,325 | 4.9709 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,802 | 4.9768 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 144,809 | 4.9799 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,177 | 4.9820 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,643 | 4.9832 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,795 | 4.9878 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 94,846 | 4.9884 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,332 | 4.9896 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,862 | 4.9897 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 29 | 4.9912 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 30,685 | 4.9919 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 27,301 | 4.9980 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,573 | 5.0119 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 139 | 5.0181 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 421 | 5.0500 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 17,200 | 5.0500 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,626 | 5.0600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 324 | 4.9624 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 22,485 | 4.9625 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 14,905 | 4.9785 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,214 | 4.9879 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 776 | 5.0119 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 209 | 5.0181 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,569 | 5.0400 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 230 | 5.0416 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 262 | 5.0426 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,535 | 5.0442 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 934 | 5.0473 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,361 | 5.0487 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 3,087 | 5.0487 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 129 | 5.0498 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,479 | 5.0499 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,701 | 5.0532 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 6,256 | 5.0584 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 444 | 5.0600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 914 | 5.0600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 146 | 5.0600 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,016 | 4.9603 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 35,926 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 152,928 | 4.9610 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,581 | 4.9624 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 604 | 4.9683 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,354 | 4.9685 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 139 | 4.9743 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,201 | 4.9744 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34,269 | 4.9758 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 700 | 4.9796 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 19,600 | 4.9796 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,700 | 4.9796 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,200 | 4.9796 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,800 | 4.9796 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 296,472 | 4.9807 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,795 | 4.9925 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 435 | 4.9959 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 894 | 4.9980 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,329 | 5.0206 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 290 | 5.0240 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: | 20 February 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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