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:

24 Sep 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:

83,263,097

6.32%

2,032,071

0.15%

(2)

Cash-settled derivatives:

and/or controlled:

1,515,374

0.12%

83,303,951

6.33%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

84,778,471

6.44%

85,336,022

6.48%

(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

515,288

0.8060 GBP

0.7862 GBP

1p ordinary

Sale

714,207

0.8060 GBP

0.7855 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

2,909

0.7855 GBP

1p ordinary

SWAP

Decreasing Short

4,891

0.7904 GBP

1p ordinary

SWAP

Decreasing Short

1

0.7909 GBP

1p ordinary

SWAP

Decreasing Short

59,956

0.7920 GBP

1p ordinary

SWAP

Decreasing Short

1,139

0.7924 GBP

1p ordinary

SWAP

Decreasing Short

272,898

0.7950 GBP

1p ordinary

SWAP

Decreasing Short

11

0.7969 GBP

1p ordinary

SWAP

Decreasing Short

2,071

0.7975 GBP

1p ordinary

SWAP

Decreasing Short

11,544

0.7984 GBP

1p ordinary

SWAP

Decreasing Short

72,484

0.7985 GBP

1p ordinary

SWAP

Decreasing Short

44,616

0.7992 GBP

1p ordinary

SWAP

Decreasing Short

3

0.7993 GBP

1p ordinary

SWAP

Decreasing Short

3

0.8001 GBP

1p ordinary

SWAP

Decreasing Short

8,713

0.8013 GBP

1p ordinary

SWAP

Decreasing Short

12,690

0.8014 GBP

1p ordinary

SWAP

Decreasing Short

24,302

0.8019 GBP

1p ordinary

SWAP

Decreasing Short

12

0.8039 GBP

1p ordinary

SWAP

Decreasing Short

580

0.8049 GBP

1p ordinary

SWAP

Increasing Short

144

0.7910 GBP

1p ordinary

SWAP

Increasing Short

9,320

0.7936 GBP

1p ordinary

SWAP

Increasing Short

100,000

0.7955 GBP

1p ordinary

SWAP

Increasing Short

29,938

0.7975 GBP

1p ordinary

SWAP

Increasing Short

22,854

0.7985 GBP

1p ordinary

SWAP

Increasing Short

19,661

0.7988 GBP

1p ordinary

SWAP

Increasing Short

8,581

0.8016 GBP

1p ordinary

SWAP

Increasing Short

4,997

0.8022 GBP

1p ordinary

SWAP

Increasing Short

31,771

0.8024 GBP

1p ordinary

SWAP

Increasing Short

58,608

0.8029 GBP

1p ordinary

SWAP

Increasing Short

5,432

0.8039 GBP

1p ordinary

SWAP

Increasing Short

7,246

0.8050 GBP

1p ordinary

CFD

Increasing Long

909

0.7902 GBP

1p ordinary

CFD

Increasing Long

8,171

0.7950 GBP

1p ordinary

CFD

Decreasing Long

1,834

0.7862 GBP

1p ordinary

CFD

Decreasing Long

585

0.7865 GBP

1p ordinary

CFD

Decreasing Long

1,225

0.7866 GBP

1p ordinary

CFD

Decreasing Long

2,808

0.7868 GBP

1p ordinary

CFD

Decreasing Long

538

0.7894 GBP

1p ordinary

CFD

Decreasing Long

336

0.7910 GBP

1p ordinary

CFD

Decreasing Long

123

0.7937 GBP

1p ordinary

CFD

Decreasing Long

130

0.7938 GBP

1p ordinary

CFD

Decreasing Long

1,501

0.7943 GBP

1p ordinary

CFD

Decreasing Long

20,920

0.7985 GBP

1p ordinary

CFD

Decreasing Long

18,308

0.7995 GBP

1p ordinary

CFD

Decreasing Long

23,465

0.7998 GBP

1p ordinary

CFD

Decreasing Long

29

0.8024 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:

25 Sep 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213