Form 8.5 EPT/Non RI DOWLAIS GROUP 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

DOWLAIS GROUP PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

DOWLAIS GROUP PLC

principal trader is connected

(d)

Date position held/dealing undertaken:

12 Feb 2025

(e)

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

YES:

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

AMERICAN AXLE & MANUFACTURING HOLDINGS INC

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:

1p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

19,358,381

1.44%

3,534,878

0.26%

(2)

Cash-settled derivatives:

and/or controlled:

3,038,405

0.23%

17,549,889

1.31%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

22,396,786

1.67%

21,084,767

1.57%

(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

1p ordinary

Purchase

1,116,237

0.6833 GBP

0.6695 GBP

1p ordinary

Sale

859,148

0.6790 GBP

0.6694 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

1p ordinary

SWAP

Decreasing Short

255,506

0.6694 GBP

1p ordinary

SWAP

Decreasing Short

8,450

0.6695 GBP

1p ordinary

SWAP

Decreasing Short

4,442

0.6699 GBP

1p ordinary

SWAP

Decreasing Short

156,210

0.6713 GBP

1p ordinary

SWAP

Decreasing Short

119

0.6724 GBP

1p ordinary

SWAP

Decreasing Short

785

0.6729 GBP

1p ordinary

SWAP

Decreasing Short

58,962

0.6733 GBP

1p ordinary

SWAP

Decreasing Short

292

0.6739 GBP

1p ordinary

SWAP

Decreasing Short

77,787

0.6740 GBP

1p ordinary

SWAP

Decreasing Short

670

0.6741 GBP

1p ordinary

SWAP

Decreasing Short

8,650

0.6742 GBP

1p ordinary

SWAP

Decreasing Short

17,497

0.6743 GBP

1p ordinary

SWAP

Decreasing Short

2,738

0.6744 GBP

1p ordinary

SWAP

Decreasing Short

4,640

0.6752 GBP

1p ordinary

SWAP

Decreasing Short

10,327

0.6753 GBP

1p ordinary

SWAP

Decreasing Short

15,118

0.6754 GBP

1p ordinary

SWAP

Decreasing Short

3,942

0.6755 GBP

1p ordinary

SWAP

Decreasing Short

11,474

0.6759 GBP

1p ordinary

SWAP

Decreasing Short

10,421

0.6765 GBP

1p ordinary

SWAP

Decreasing Short

500

0.6791 GBP

1p ordinary

SWAP

Decreasing Short

7,309

0.6811 GBP

1p ordinary

SWAP

Increasing Short

239,348

0.6695 GBP

1p ordinary

SWAP

Increasing Short

1

0.6715 GBP

1p ordinary

SWAP

Increasing Short

254

0.6720 GBP

1p ordinary

SWAP

Increasing Short

1,625

0.6727 GBP

1p ordinary

SWAP

Increasing Short

17,817

0.6731 GBP

1p ordinary

SWAP

Increasing Short

9,923

0.6742 GBP

1p ordinary

SWAP

Increasing Short

20,714

0.6744 GBP

1p ordinary

SWAP

Increasing Short

8,995

0.6747 GBP

1p ordinary

SWAP

Increasing Short

2,055

0.6750 GBP

1p ordinary

SWAP

Increasing Short

797

0.6753 GBP

1p ordinary

SWAP

Increasing Short

45,377

0.6760 GBP

1p ordinary

SWAP

Increasing Short

34,307

0.6762 GBP

1p ordinary

SWAP

Increasing Short

55,680

0.6768 GBP

1p ordinary

SWAP

Increasing Short

13,715

0.6818 GBP

1p ordinary

SWAP

Increasing Short

707

0.6830 GBP

1p ordinary

SWAP

Increasing Short

3,157

0.6834 GBP

1p ordinary

CFD

Opening Short

151,174

0.6695 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:

13 Feb 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213