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:

07 May 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:

49,167,889

3.66%

3,166,016

0.24%

(2)

Cash-settled derivatives:

and/or controlled:

1,782,280

0.13%

48,461,355

3.60%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

50,950,169

3.79%

51,627,371

3.84%

(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

2,613,289

0.6287 GBP

0.6189 GBP

1p ordinary

Sale

2,209,719

0.6255 GBP

0.6190 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

673

0.6190 GBP

1p ordinary

SWAP

Decreasing Short

802

0.6191 GBP

1p ordinary

SWAP

Decreasing Short

75,875

0.6192 GBP

1p ordinary

SWAP

Decreasing Short

185,034

0.6196 GBP

1p ordinary

SWAP

Decreasing Short

216,866

0.6199 GBP

1p ordinary

SWAP

Decreasing Short

2,831

0.6206 GBP

1p ordinary

SWAP

Decreasing Short

30,826

0.6221 GBP

1p ordinary

SWAP

Decreasing Short

400

0.6233 GBP

1p ordinary

SWAP

Decreasing Short

7,425

0.6234 GBP

1p ordinary

SWAP

Decreasing Short

22,017

0.6243 GBP

1p ordinary

SWAP

Decreasing Short

150,000

0.6247 GBP

1p ordinary

SWAP

Decreasing Short

64,704

0.6249 GBP

1p ordinary

SWAP

Decreasing Short

62,669

0.6250 GBP

1p ordinary

SWAP

Decreasing Short

129,581

0.6252 GBP

1p ordinary

SWAP

Decreasing Short

390

0.6255 GBP

1p ordinary

SWAP

Increasing Short

1,106,759

0.6189 GBP

1p ordinary

SWAP

Increasing Short

36,687

0.6192 GBP

1p ordinary

SWAP

Increasing Short

3,588

0.6195 GBP

1p ordinary

SWAP

Increasing Short

379

0.6200 GBP

1p ordinary

SWAP

Increasing Short

57,969

0.6205 GBP

1p ordinary

SWAP

Increasing Short

20,763

0.6212 GBP

1p ordinary

SWAP

Increasing Short

61,369

0.6215 GBP

1p ordinary

SWAP

Increasing Short

24,215

0.6224 GBP

1p ordinary

SWAP

Increasing Short

3,298

0.6227 GBP

1p ordinary

SWAP

Increasing Short

5,814

0.6229 GBP

1p ordinary

SWAP

Increasing Short

216,847

0.6231 GBP

1p ordinary

SWAP

Increasing Short

52,732

0.6247 GBP

1p ordinary

SWAP

Increasing Short

230,379

0.6250 GBP

1p ordinary

SWAP

Increasing Short

5,831

0.6253 GBP

1p ordinary

SWAP

Increasing Short

63,808

0.6259 GBP

1p ordinary

SWAP

Increasing Short

292,425

0.6295 GBP

1p ordinary

CFD

Increasing Long

28,869

0.6221 GBP

1p ordinary

CFD

Increasing Long

77,065

0.6249 GBP

1p ordinary

CFD

Increasing Long

694,474

0.6250 GBP

1p ordinary

CFD

Decreasing Long

16,811

0.6195 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:

08 May 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213