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:

14 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:

55,144,750

4.10%

1,577,175

0.12%

(2)

Cash-settled derivatives:

and/or controlled:

1,195,154

0.09%

54,513,621

4.05%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

56,339,904

4.19%

56,090,796

4.17%

(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

1,381,871

0.6850 GBP

0.6748 GBP

1p ordinary

Sale

229,873

0.6842 GBP

0.6739 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

3,500

0.6739 GBP

1p ordinary

SWAP

Decreasing Short

28,512

0.6749 GBP

1p ordinary

SWAP

Decreasing Short

16,658

0.6762 GBP

1p ordinary

SWAP

Decreasing Short

5,455

0.6769 GBP

1p ordinary

SWAP

Decreasing Short

23,912

0.6785 GBP

1p ordinary

SWAP

Decreasing Short

1,133

0.6794 GBP

1p ordinary

SWAP

Decreasing Short

452

0.6816 GBP

1p ordinary

SWAP

Decreasing Short

700

0.6825 GBP

1p ordinary

SWAP

Decreasing Short

1,451

0.6834 GBP

1p ordinary

SWAP

Decreasing Short

347

0.6915 GBP

1p ordinary

SWAP

Increasing Short

43,136

0.6748 GBP

1p ordinary

SWAP

Increasing Short

100,836

0.6750 GBP

1p ordinary

SWAP

Increasing Short

88,393

0.6789 GBP

1p ordinary

SWAP

Increasing Short

274

0.6793 GBP

1p ordinary

SWAP

Increasing Short

114,868

0.6795 GBP

1p ordinary

SWAP

Increasing Short

71,831

0.6797 GBP

1p ordinary

SWAP

Increasing Short

1,490

0.6800 GBP

1p ordinary

SWAP

Increasing Short

18,304

0.6801 GBP

1p ordinary

SWAP

Increasing Short

23,411

0.6804 GBP

1p ordinary

SWAP

Increasing Short

120,885

0.6809 GBP

1p ordinary

SWAP

Increasing Short

6,577

0.6810 GBP

1p ordinary

SWAP

Increasing Short

18,405

0.6813 GBP

1p ordinary

SWAP

Increasing Short

352,848

0.6816 GBP

1p ordinary

SWAP

Increasing Short

127,527

0.6819 GBP

1p ordinary

SWAP

Increasing Short

7,372

0.6822 GBP

1p ordinary

SWAP

Increasing Short

11,550

0.6823 GBP

1p ordinary

SWAP

Increasing Short

6,824

0.6825 GBP

1p ordinary

SWAP

Increasing Short

15,684

0.6827 GBP

1p ordinary

SWAP

Increasing Short

7,295

0.6834 GBP

1p ordinary

SWAP

Increasing Short

394

0.6850 GBP

1p ordinary

CFD

Decreasing Long

96,214

0.6751 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:

15 May 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213