Form 8.5 EPT/Non RI BEAZLEY PLC

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose

BEAZLEY PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

BEAZLEY PLC

principal trader is connected

(d)

Date position held/dealing undertaken:

20 Jan 2026

(e)

In addition to the company in 1(b) above, is the exempt principal

NO

trader making disclosures in respect of any other party to the offer?

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Class of relevant security:

5p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

6,745,973

1.13%

5,012,210

0.84%

(2)

Cash-settled derivatives:

and/or controlled:

672,748

0.11%

5,243,270

0.87%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

7,418,721

1.24%

10,255,480

1.71%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

5p ordinary

Purchase

2,607,184

11.6000 GBP

11.2600 GBP

5p ordinary

Sale

2,261,984

11.6000 GBP

11.2600 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

5p ordinary

SWAP

Decreasing Short

196,949

11.2600 GBP

5p ordinary

SWAP

Decreasing Short

46,332

11.2609 GBP

5p ordinary

SWAP

Decreasing Short

19,829

11.2611 GBP

5p ordinary

SWAP

Decreasing Short

952

11.3410 GBP

5p ordinary

SWAP

Decreasing Short

51,857

11.3513 GBP

5p ordinary

SWAP

Decreasing Short

47,640

11.3618 GBP

5p ordinary

SWAP

Decreasing Short

1,524

11.3674 GBP

5p ordinary

SWAP

Decreasing Short

25,867

11.3893 GBP

5p ordinary

SWAP

Decreasing Short

23,519

11.4260 GBP

5p ordinary

SWAP

Decreasing Short

103,151

11.4295 GBP

5p ordinary

SWAP

Decreasing Short

368,108

11.4333 GBP

5p ordinary

SWAP

Decreasing Short

3,845

11.4453 GBP

5p ordinary

SWAP

Decreasing Short

539

11.4465 GBP

5p ordinary

SWAP

Decreasing Short

4,872

11.4513 GBP

5p ordinary

SWAP

Decreasing Short

9,146

11.4557 GBP

5p ordinary

SWAP

Decreasing Short

1,810

11.4569 GBP

5p ordinary

SWAP

Decreasing Short

63,597

11.4710 GBP

5p ordinary

SWAP

Decreasing Short

3,283

11.4764 GBP

5p ordinary

SWAP

Decreasing Short

25,522

11.4767 GBP

5p ordinary

SWAP

Decreasing Short

1,970

11.4793 GBP

5p ordinary

SWAP

Decreasing Short

829

11.4893 GBP

5p ordinary

SWAP

Decreasing Short

1,176

11.4906 GBP

5p ordinary

SWAP

Decreasing Short

8,672

11.4973 GBP

5p ordinary

SWAP

Decreasing Short

400

11.4990 GBP

5p ordinary

SWAP

Decreasing Short

8,761

11.5179 GBP

5p ordinary

SWAP

Decreasing Short

38,118

11.5212 GBP

5p ordinary

SWAP

Decreasing Short

3

11.5833 GBP

5p ordinary

SWAP

Decreasing Short

1,598

11.5846 GBP

5p ordinary

SWAP

Increasing Short

256,578

11.2600 GBP

5p ordinary

SWAP

Increasing Short

15,657

11.2602 GBP

5p ordinary

SWAP

Increasing Short

11

11.2609 GBP

5p ordinary

SWAP

Increasing Short

10,000

11.2611 GBP

5p ordinary

SWAP

Increasing Short

185,224

11.2665 GBP

5p ordinary

SWAP

Increasing Short

2,827

11.2670 GBP

5p ordinary

SWAP

Increasing Short

2,813

11.2902 GBP

5p ordinary

SWAP

Increasing Short

61

11.2951 GBP

5p ordinary

SWAP

Increasing Short

108,274

11.2955 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.3022 GBP

5p ordinary

SWAP

Increasing Short

2,481

11.3136 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.3297 GBP

5p ordinary

SWAP

Increasing Short

30,194

11.3361 GBP

5p ordinary

SWAP

Increasing Short

42,000

11.3382 GBP

5p ordinary

SWAP

Increasing Short

11,568

11.3399 GBP

5p ordinary

SWAP

Increasing Short

58

11.3441 GBP

5p ordinary

SWAP

Increasing Short

33,198

11.3471 GBP

5p ordinary

SWAP

Increasing Short

1,321

11.3490 GBP

5p ordinary

SWAP

Increasing Short

2,813

11.3554 GBP

5p ordinary

SWAP

Increasing Short

12,545

11.3574 GBP

5p ordinary

SWAP

Increasing Short

2,813

11.3689 GBP

5p ordinary

SWAP

Increasing Short

13,009

11.3801 GBP

5p ordinary

SWAP

Increasing Short

6,591

11.3820 GBP

5p ordinary

SWAP

Increasing Short

66,000

11.3856 GBP

5p ordinary

SWAP

Increasing Short

81,924

11.3862 GBP

5p ordinary

SWAP

Increasing Short

50,000

11.3980 GBP

5p ordinary

SWAP

Increasing Short

446

11.4000 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.4022 GBP

5p ordinary

SWAP

Increasing Short

67,167

11.4027 GBP

5p ordinary

SWAP

Increasing Short

22,392

11.4068 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.4122 GBP

5p ordinary

SWAP

Increasing Short

22,392

11.4199 GBP

5p ordinary

SWAP

Increasing Short

369,893

11.4200 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.4295 GBP

5p ordinary

SWAP

Increasing Short

64,182

11.4646 GBP

5p ordinary

SWAP

Increasing Short

427

11.4756 GBP

5p ordinary

SWAP

Increasing Short

32

11.4846 GBP

5p ordinary

SWAP

Increasing Short

100,000

11.4881 GBP

5p ordinary

SWAP

Increasing Short

777

11.4917 GBP

5p ordinary

SWAP

Increasing Short

5,444

11.5000 GBP

5p ordinary

SWAP

Increasing Short

64,182

11.5017 GBP

5p ordinary

SWAP

Increasing Short

15

11.5159 GBP

5p ordinary

CFD

Decreasing Short

4,081

11.2600 GBP

5p ordinary

CFD

Decreasing Short

1,489

11.3190 GBP

5p ordinary

CFD

Decreasing Short

25,473

11.3900 GBP

5p ordinary

CFD

Decreasing Short

18,229

11.4581 GBP

5p ordinary

CFD

Decreasing Short

75,000

11.4707 GBP

5p ordinary

CFD

Decreasing Short

13,126

11.4744 GBP

5p ordinary

CFD

Decreasing Short

2,528

11.5800 GBP

5p ordinary

CFD

Increasing Short

15,040

11.3604 GBP

5p ordinary

CFD

Increasing Short

2,156

11.6007 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings 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:

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 of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

21 Jan 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213