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:

13 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:

19,664,494

1.46%

3,444,616

0.26%

(2)

Cash-settled derivatives:

and/or controlled:

2,914,183

0.22%

17,982,717

1.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

22,578,677

1.68%

21,427,333

1.59%

(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

850,695

0.6770 GBP

0.6490 GBP

1p ordinary

Sale

454,320

0.6796 GBP

0.6490 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

1,905

0.6535 GBP

1p ordinary

SWAP

Decreasing Short

4,181

0.6538 GBP

1p ordinary

SWAP

Decreasing Short

2,849

0.6553 GBP

1p ordinary

SWAP

Decreasing Short

12,347

0.6593 GBP

1p ordinary

SWAP

Decreasing Short

3,479

0.6664 GBP

1p ordinary

SWAP

Decreasing Short

1,075

0.6694 GBP

1p ordinary

SWAP

Decreasing Short

1,318,257

0.6695 GBP

1p ordinary

SWAP

Decreasing Short

54,953

0.6709 GBP

1p ordinary

SWAP

Decreasing Short

1,838

0.6720 GBP

1p ordinary

SWAP

Decreasing Short

4,819

0.6730 GBP

1p ordinary

SWAP

Decreasing Short

34,772

0.6733 GBP

1p ordinary

SWAP

Decreasing Short

8,448

0.6756 GBP

1p ordinary

SWAP

Decreasing Short

68,343

0.6759 GBP

1p ordinary

SWAP

Decreasing Short

1,269

0.6760 GBP

1p ordinary

SWAP

Decreasing Short

3,851

0.6777 GBP

1p ordinary

SWAP

Decreasing Short

22,034

0.6796 GBP

1p ordinary

SWAP

Increasing Short

1

0.6515 GBP

1p ordinary

SWAP

Increasing Short

4,870

0.6617 GBP

1p ordinary

SWAP

Increasing Short

28,158

0.6630 GBP

1p ordinary

SWAP

Increasing Short

13,321

0.6668 GBP

1p ordinary

SWAP

Increasing Short

1,319,632

0.6695 GBP

1p ordinary

SWAP

Increasing Short

17,817

0.6705 GBP

1p ordinary

SWAP

Increasing Short

2,330

0.6719 GBP

1p ordinary

SWAP

Increasing Short

16,734

0.6721 GBP

1p ordinary

SWAP

Increasing Short

107,053

0.6722 GBP

1p ordinary

SWAP

Increasing Short

647

0.6723 GBP

1p ordinary

SWAP

Increasing Short

227,976

0.6730 GBP

1p ordinary

SWAP

Increasing Short

23,341

0.6732 GBP

1p ordinary

SWAP

Increasing Short

4,172

0.6735 GBP

1p ordinary

SWAP

Increasing Short

97,015

0.6738 GBP

1p ordinary

SWAP

Increasing Short

128,444

0.6741 GBP

1p ordinary

SWAP

Increasing Short

87,500

0.6744 USD

1p ordinary

SWAP

Increasing Short

37,759

0.6759 GBP

1p ordinary

CFD

Decreasing Short

15,300

0.6738 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:

14 Feb 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213