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:

23 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:

6,873,597

1.15%

5,557,119

0.93%

(2)

Cash-settled derivatives:

and/or controlled:

1,103,209

0.18%

5,330,089

0.89%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

7,976,806

1.33%

10,887,208

1.82%

(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

917,115

11.6000 GBP

11.1600 GBP

5p ordinary

Sale

1,934,479

11.6000 GBP

11.1600 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

116,886

11.2314 GBP

5p ordinary

SWAP

Decreasing Short

291

11.2091 GBP

5p ordinary

SWAP

Decreasing Short

10,900

11.2724 GBP

5p ordinary

SWAP

Decreasing Short

8,911

11.2985 GBP

5p ordinary

SWAP

Decreasing Short

17,499

11.3060 GBP

5p ordinary

SWAP

Decreasing Short

1,982

11.3276 GBP

5p ordinary

SWAP

Decreasing Short

1,122

11.3294 GBP

5p ordinary

SWAP

Decreasing Short

60,000

11.3309 GBP

5p ordinary

SWAP

Decreasing Short

11

11.3499 GBP

5p ordinary

SWAP

Decreasing Short

50,000

11.3669 GBP

5p ordinary

SWAP

Decreasing Short

487,746

11.3978 GBP

5p ordinary

SWAP

Decreasing Short

32,960

11.4101 GBP

5p ordinary

SWAP

Decreasing Short

325

11.4239 GBP

5p ordinary

SWAP

Decreasing Short

22,267

11.4409 GBP

5p ordinary

SWAP

Decreasing Short

16,590

11.4484 GBP

5p ordinary

SWAP

Decreasing Short

33,065

11.4686 GBP

5p ordinary

SWAP

Decreasing Short

810

11.4737 GBP

5p ordinary

SWAP

Decreasing Short

830

11.4826 GBP

5p ordinary

SWAP

Decreasing Short

43,219

11.4843 GBP

5p ordinary

SWAP

Decreasing Short

42,675

11.5031 GBP

5p ordinary

SWAP

Decreasing Short

792

11.5190 GBP

5p ordinary

SWAP

Decreasing Short

166,948

11.5200 GBP

5p ordinary

SWAP

Decreasing Short

1,800

11.5283 GBP

5p ordinary

SWAP

Decreasing Short

21,539

11.5317 GBP

5p ordinary

SWAP

Decreasing Short

1,071

11.5395 GBP

5p ordinary

SWAP

Decreasing Short

45,826

11.5396 GBP

5p ordinary

SWAP

Decreasing Short

504

11.5439 GBP

5p ordinary

SWAP

Decreasing Short

4,312

11.5525 GBP

5p ordinary

SWAP

Increasing Short

2,818

11.0800 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.1922 GBP

5p ordinary

SWAP

Increasing Short

21

11.2100 GBP

5p ordinary

SWAP

Increasing Short

36

11.2102 GBP

5p ordinary

SWAP

Increasing Short

26,000

11.2298 GBP

5p ordinary

SWAP

Increasing Short

15,188

11.2381 GBP

5p ordinary

SWAP

Increasing Short

2,286

11.2423 GBP

5p ordinary

SWAP

Increasing Short

13,413

11.2536 GBP

5p ordinary

SWAP

Increasing Short

960

11.2610 GBP

5p ordinary

SWAP

Increasing Short

5,625

11.2706 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.3222 GBP

5p ordinary

SWAP

Increasing Short

206

11.3378 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.3622 GBP

5p ordinary

SWAP

Increasing Short

2,971

11.3741 GBP

5p ordinary

SWAP

Increasing Short

776

11.3774 GBP

5p ordinary

SWAP

Increasing Short

98

11.3800 GBP

5p ordinary

SWAP

Increasing Short

7,845

11.3853 GBP

5p ordinary

SWAP

Increasing Short

2,415

11.3897 GBP

5p ordinary

SWAP

Increasing Short

1,965

11.4011 GBP

5p ordinary

SWAP

Increasing Short

54,513

11.4320 GBP

5p ordinary

SWAP

Increasing Short

607

11.4328 GBP

5p ordinary

SWAP

Increasing Short

19

11.4350 GBP

5p ordinary

SWAP

Increasing Short

20,629

11.4441 GBP

5p ordinary

SWAP

Increasing Short

3,540

11.4486 GBP

5p ordinary

SWAP

Increasing Short

41,683

11.4943 GBP

5p ordinary

SWAP

Increasing Short

22,580

11.5200 GBP

5p ordinary

SWAP

Increasing Short

1,406

11.5223 GBP

5p ordinary

CFD

Decreasing Short

6,213

11.4042 GBP

5p ordinary

CFD

Decreasing Short

17,237

11.4500 GBP

5p ordinary

CFD

Decreasing Short

12,671

11.5196 GBP

5p ordinary

CFD

Decreasing Short

34,736

11.5476 GBP

5p ordinary

CFD

Increasing Short

7,073

11.5200 GBP

5p ordinary

CFD

Increasing Short

5,481

11.5466 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:

26 Jan 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213