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: | 15 May 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 | 5,281,950 | 5.9080 GBP | 5.6841 GBP |
| 32 17/19p ordinary | SALES | 5,465,064 | 5.9120 GBP | 5.6800 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 | 277 | 5.8443 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 7,648 | 5.8458 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,037 | 5.8474 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 988 | 5.8474 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 968 | 5.8482 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 281,292 | 5.8516 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,470 | 5.8556 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 446 | 5.8559 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 1,204 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 345 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 6,070 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 26,553 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 243,200 | 5.8562 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 36 | 5.8582 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 16,004 | 5.8597 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,041 | 5.8637 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 77,497 | 5.8656 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,007 | 5.8797 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 358,342 | 5.8816 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 9,313 | 5.8825 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 69,941 | 5.8828 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 4,182 | 5.8980 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 33,721 | 5.9023 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 33,873 | 5.9044 GBP |
| 32 17/19p ordinary | CFD | increasing a long position | 76 | 5.9099 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 75,539 | 5.7613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 146,333 | 5.7613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 90,352 | 5.7613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,331 | 5.8110 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,132 | 5.8124 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,467 | 5.8124 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 11,475 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,143 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 12,687 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 522 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 36,546 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 1,306 | 5.8572 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 2,546 | 5.8572 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,817 | 5.8588 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 7 | 5.8588 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 27,927 | 5.8599 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 3,050 | 5.8613 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 25,611 | 5.8646 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 4,773 | 5.8682 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 6,659 | 5.8797 GBP |
| 32 17/19p ordinary | CFD | increasing a short position | 65 | 5.8837 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,279 | 5.6841 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,758 | 5.7070 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 11,577 | 5.7126 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 18,176 | 5.7285 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,230 | 5.7340 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 637 | 5.7723 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,747 | 5.7856 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 16,191 | 5.8061 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 95,699 | 5.8422 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 865 | 5.8536 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 81,386 | 5.8550 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 297 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 18 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,375 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,295 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 16,214 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 16,004 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 45,186 | 5.8568 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,655 | 5.8569 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,404 | 5.8572 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 2,329 | 5.8581 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,079 | 5.8581 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 18,191 | 5.8583 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 685 | 5.8600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 5,986 | 5.8600 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 20,425 | 5.8607 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 38,217 | 5.8613 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 29,535 | 5.8621 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 582 | 5.8643 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 13,439 | 5.8663 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 31,869 | 5.8663 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 9,229 | 5.8690 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 4,613 | 5.8709 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 1,918 | 5.8794 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 686 | 5.8861 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 494 | 5.8910 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 698 | 5.8917 GBP |
| 32 17/19p ordinary | CFD | reducing a long position | 140 | 5.8967 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 232 | 5.7200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 711 | 5.7200 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,223 | 5.8233 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 5,162 | 5.8500 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 918 | 5.8504 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 20,684 | 5.8559 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 600 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 34,936 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 56 | 5.8560 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,521 | 5.8640 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 21,754 | 5.8738 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 7,012 | 5.8775 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,638 | 5.8843 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 3,800 | 5.8870 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 1,080 | 5.8980 GBP |
| 32 17/19p ordinary | CFD | reducing a short position | 554 | 5.8980 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: | 16 May 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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