AMENDMENT(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: | 14 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 | SALES | 1,949,359 | 5.1457 GBP | 5.0660 GBP |
| 32 17/19p ordinary | PURCHASES | 1,632,905 | 5.1500 GBP | 5.0660 GBP |
| 32 17/19p ordinary | SALES | 79,801 | 6.1168 EUR | 6.1168 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 | 11,623 | 5.0907 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 71,755 | 5.0926 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,479 | 5.0937 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 13,634 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 968 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,428 | 5.0943 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,215 | 5.1080 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 183 | 5.1417 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 295 | 5.1457 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 32,595 | 5.0845 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 631 | 5.0908 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,056 | 5.0917 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 101 | 5.0919 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,241 | 5.0931 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 345 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 732 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 78,160 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 434 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 255 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 810 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,134 | 5.0941 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,691 | 5.0966 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 774 | 5.0966 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,328 | 5.0983 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 656 | 5.1007 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8 | 5.1020 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 31,200 | 5.1041 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,200 | 5.1041 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,900 | 5.1041 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 35,210 | 5.1063 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 225 | 5.1068 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,882 | 5.1109 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,459 | 5.1118 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 8,956 | 5.1204 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 30,472 | 5.1284 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 5,223 | 5.1337 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7,688 | 5.1480 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,148 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 55 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 286,700 | 5.1299 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,497 | 5.0907 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 38,934 | 5.0929 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 79,801 | 5.0932 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,122 | 5.0934 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 11,000 | 5.0936 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 600 | 5.0936 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 97,574 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 420 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 78,160 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,774 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 17,960 | 5.0940 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 47,514 | 5.0957 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 213,286 | 5.0978 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,688 | 5.1008 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,784 | 5.1014 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,890 | 5.1075 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 430 | 5.1086 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 6,307 | 5.1099 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,673 | 5.1101 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8 | 5.1120 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,433 | 5.1120 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 196 | 5.1127 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,668 | 5.1127 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 167 | 5.1139 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 614 | 5.1168 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 12,500 | 5.1178 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 2,136 | 5.1179 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,233 | 5.1186 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 61,350 | 5.1186 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 13,860 | 5.1232 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 8,956 | 5.1241 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 19,936 | 5.1289 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,680 | 5.1290 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,459 | 5.1302 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,035 | 5.1313 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 4,616 | 5.1357 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,626 | 5.1480 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,320 | 5.1480 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 435 | 5.1480 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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