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 Aug 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:

69,463,709

5.28%

1,007,245

0.08%

(2)

Cash-settled derivatives:

and/or controlled:

504,124

0.04%

68,508,477

5.20%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

69,967,833

5.31%

69,515,722

5.28%

(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

4,797,743

0.7855 GBP

0.7595 GBP

1p ordinary

Sale

1,423,481

0.7790 GBP

0.7600 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

1,481

0.7634 GBP

1p ordinary

SWAP

Decreasing Short

1,406

0.7638 GBP

1p ordinary

SWAP

Decreasing Short

5,350

0.7641 GBP

1p ordinary

SWAP

Decreasing Short

5,303

0.7645 GBP

1p ordinary

SWAP

Decreasing Short

791

0.7655 GBP

1p ordinary

SWAP

Decreasing Short

5,336

0.7685 GBP

1p ordinary

SWAP

Decreasing Short

75,927

0.7701 GBP

1p ordinary

SWAP

Decreasing Short

37,749

0.7713 GBP

1p ordinary

SWAP

Decreasing Short

1,171

0.7714 GBP

1p ordinary

SWAP

Decreasing Short

62,263

0.7718 GBP

1p ordinary

SWAP

Decreasing Short

8,316

0.7720 GBP

1p ordinary

SWAP

Decreasing Short

785

0.7734 GBP

1p ordinary

SWAP

Decreasing Short

33,294

0.7736 GBP

1p ordinary

SWAP

Decreasing Short

41,918

0.7738 GBP

1p ordinary

SWAP

Decreasing Short

137,008

0.7739 GBP

1p ordinary

SWAP

Decreasing Short

52,672

0.7740 GBP

1p ordinary

SWAP

Decreasing Short

4,310

0.7770 GBP

1p ordinary

SWAP

Decreasing Short

109,173

0.7771 GBP

1p ordinary

SWAP

Decreasing Short

17,208

0.7776 GBP

1p ordinary

SWAP

Decreasing Short

14,298

0.7780 GBP

1p ordinary

SWAP

Decreasing Short

51,331

0.7781 GBP

1p ordinary

SWAP

Decreasing Short

72,784

0.7789 GBP

1p ordinary

SWAP

Increasing Short

128,606

0.7505 GBP

1p ordinary

SWAP

Increasing Short

2,220

0.7595 GBP

1p ordinary

SWAP

Increasing Short

3,185,934

0.7600 GBP

1p ordinary

SWAP

Increasing Short

192,005

0.7605 GBP

1p ordinary

SWAP

Increasing Short

768

0.7625 GBP

1p ordinary

SWAP

Increasing Short

1,019

0.7629 GBP

1p ordinary

SWAP

Increasing Short

1,270

0.7634 GBP

1p ordinary

SWAP

Increasing Short

3,100

0.7650 GBP

1p ordinary

SWAP

Increasing Short

105,534

0.7652 GBP

1p ordinary

SWAP

Increasing Short

67,967

0.7677 GBP

1p ordinary

SWAP

Increasing Short

9,936

0.7703 GBP

1p ordinary

SWAP

Increasing Short

4,887

0.7707 GBP

1p ordinary

SWAP

Increasing Short

2,676

0.7715 GBP

1p ordinary

SWAP

Increasing Short

112,485

0.7737 GBP

1p ordinary

SWAP

Increasing Short

25,898

0.7739 GBP

1p ordinary

SWAP

Increasing Short

40,219

0.7740 GBP

1p ordinary

SWAP

Increasing Short

96,003

0.7749 GBP

1p ordinary

SWAP

Increasing Short

9,064

0.7753 GBP

1p ordinary

SWAP

Increasing Short

14,304

0.7788 GBP

1p ordinary

SWAP

Increasing Short

529

0.7790 GBP

1p ordinary

SWAP

Increasing Short

96,003

0.7855 GBP

1p ordinary

CFD

Decreasing Short

6,367

0.7638 GBP

1p ordinary

CFD

Decreasing Short

85,599

0.7702 GBP

1p ordinary

CFD

Decreasing Short

400,204

0.7740 GBP

1p ordinary

CFD

Decreasing Short

5,293

0.7787 GBP

1p ordinary

CFD

Increasing Short

2

0.7650 GBP

1p ordinary

CFD

Increasing Short

201,865

0.7652 GBP

1p ordinary

CFD

Increasing Short

87,816

0.7739 GBP

1p ordinary

CFD

Increasing Short

219,102

0.7740 GBP

1p ordinary

CFD

Increasing Short

2,387

0.7791 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 Aug 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213