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:

18 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:

22,874,559

1.70%

3,764,484

0.28%

(2)

Cash-settled derivatives:

and/or controlled:

3,217,151

0.24%

21,682,194

1.61%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

26,091,710

1.94%

25,446,678

1.89%

(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

2,358,806

0.7255 GBP

0.6882 GBP

1p ordinary

Sale

1,294,050

0.7255 GBP

0.6805 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

126,544

0.6835 GBP

1p ordinary

SWAP

Decreasing Short

6,687

0.6851 GBP

1p ordinary

SWAP

Decreasing Short

1,956

0.6879 GBP

1p ordinary

SWAP

Decreasing Short

28,893

0.6884 GBP

1p ordinary

SWAP

Decreasing Short

1,915

0.6912 GBP

1p ordinary

SWAP

Decreasing Short

6,252

0.6934 GBP

1p ordinary

SWAP

Decreasing Short

3,475

0.6938 GBP

1p ordinary

SWAP

Decreasing Short

2,610

0.6952 GBP

1p ordinary

SWAP

Decreasing Short

1,813

0.7003 GBP

1p ordinary

SWAP

Decreasing Short

4,216

0.7053 GBP

1p ordinary

SWAP

Decreasing Short

81,349

0.7072 GBP

1p ordinary

SWAP

Decreasing Short

3,750

0.7147 GBP

1p ordinary

SWAP

Decreasing Short

19,375

0.7251 GBP

1p ordinary

SWAP

Decreasing Short

128,023

0.7254 GBP

1p ordinary

SWAP

Decreasing Short

93,741

0.7255 GBP

1p ordinary

SWAP

Increasing Short

44,905

0.6882 GBP

1p ordinary

SWAP

Increasing Short

1,117

0.6884 GBP

1p ordinary

SWAP

Increasing Short

1

0.6920 GBP

1p ordinary

SWAP

Increasing Short

4,847

0.6943 GBP

1p ordinary

SWAP

Increasing Short

122,945

0.6946 GBP

1p ordinary

SWAP

Increasing Short

2

0.6957 GBP

1p ordinary

SWAP

Increasing Short

332,690

0.6970 GBP

1p ordinary

SWAP

Increasing Short

1,250

0.6992 GBP

1p ordinary

SWAP

Increasing Short

137,577

0.6999 GBP

1p ordinary

SWAP

Increasing Short

4,815

0.7017 GBP

1p ordinary

SWAP

Increasing Short

6,999

0.7022 GBP

1p ordinary

SWAP

Increasing Short

356

0.7030 GBP

1p ordinary

SWAP

Increasing Short

26,533

0.7032 GBP

1p ordinary

SWAP

Increasing Short

43,488

0.7034 GBP

1p ordinary

SWAP

Increasing Short

64,037

0.7041 GBP

1p ordinary

SWAP

Increasing Short

46,233

0.7051 GBP

1p ordinary

SWAP

Increasing Short

9,770

0.7058 GBP

1p ordinary

SWAP

Increasing Short

1,182,929

0.7059 GBP

1p ordinary

SWAP

Increasing Short

16,363

0.7074 GBP

1p ordinary

SWAP

Increasing Short

100,117

0.7087 GBP

1p ordinary

SWAP

Increasing Short

52,831

0.7107 GBP

1p ordinary

SWAP

Increasing Short

10,892

0.7122 GBP

1p ordinary

SWAP

Increasing Short

2,150

0.7232 GBP

1p ordinary

SWAP

Increasing Short

71,637

0.7255 GBP

1p ordinary

CFD

Decreasing Short

8,462

0.7254 GBP

1p ordinary

CFD

Decreasing Short

208,512

0.7255 GBP

1p ordinary

CFD

Increasing Short

5,448

0.7036 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:

19 Feb 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213