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:

29 Jan 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:

27,612,996

2.05%

14,088,781

1.05%

(2)

Cash-settled derivatives:

and/or controlled:

13,518,963

1.01%

26,243,346

1.95%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

41,131,959

3.06%

40,332,127

3.00%

(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

7,999,446

0.7611 GBP

0.7180 GBP

1p ordinary

Sale

2,351,129

0.7613 GBP

0.7194 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

Opening Long

45

0.7209 GBP

1p ordinary

SWAP

Increasing Long

1,857

0.7287 GBP

1p ordinary

SWAP

Increasing Long

38,340

0.7288 GBP

1p ordinary

SWAP

Increasing Long

345,064

0.7341 GBP

1p ordinary

SWAP

Increasing Long

2,013

0.7368 GBP

1p ordinary

SWAP

Increasing Long

18,870

0.7379 GBP

1p ordinary

SWAP

Increasing Long

284,497

0.7395 GBP

1p ordinary

SWAP

Increasing Long

355,747

0.7421 GBP

1p ordinary

SWAP

Increasing Long

3,555

0.7425 GBP

1p ordinary

SWAP

Increasing Long

7,720

0.7431 GBP

1p ordinary

SWAP

Increasing Long

729

0.7440 GBP

1p ordinary

SWAP

Increasing Long

240,209

0.7455 GBP

1p ordinary

SWAP

Increasing Long

911

0.7494 GBP

1p ordinary

SWAP

Increasing Long

7,601

0.7515 GBP

1p ordinary

SWAP

Increasing Long

137,000

0.7528 GBP

1p ordinary

SWAP

Increasing Long

2,842

0.7583 GBP

1p ordinary

SWAP

Decreasing Long

470,000

0.7201 USD

1p ordinary

SWAP

Decreasing Long

850,000

0.7220 GBP

1p ordinary

SWAP

Opening Short

200,000

0.7225 GBP

1p ordinary

SWAP

Increasing Short

200,000

0.7240 GBP

1p ordinary

SWAP

Increasing Short

7,220

0.7262 GBP

1p ordinary

SWAP

Increasing Short

263,700

0.7274 GBP

1p ordinary

SWAP

Increasing Short

433

0.7290 GBP

1p ordinary

SWAP

Increasing Short

166,326

0.7314 GBP

1p ordinary

SWAP

Increasing Short

123,700

0.7323 GBP

1p ordinary

SWAP

Increasing Short

15,842

0.7349 GBP

1p ordinary

SWAP

Increasing Short

1,045,812

0.7350 GBP

1p ordinary

SWAP

Increasing Short

5,530

0.7351 GBP

1p ordinary

SWAP

Increasing Short

8,103

0.7353 GBP

1p ordinary

SWAP

Increasing Short

880,457

0.7367 GBP

1p ordinary

SWAP

Increasing Short

96

0.7390 GBP

1p ordinary

SWAP

Increasing Short

336,476

0.7398 GBP

1p ordinary

SWAP

Increasing Short

204,128

0.7399 GBP

1p ordinary

SWAP

Increasing Short

1,835

0.7408 GBP

1p ordinary

SWAP

Increasing Short

21,148

0.7461 GBP

1p ordinary

SWAP

Increasing Short

26,039

0.7470 GBP

1p ordinary

SWAP

Increasing Short

656,757

0.7477 GBP

1p ordinary

SWAP

Increasing Short

258,540

0.7499 GBP

1p ordinary

SWAP

Increasing Short

68,780

0.7502 GBP

1p ordinary

SWAP

Increasing Short

5,666

0.7507 GBP

1p ordinary

SWAP

Increasing Short

140,750

0.7509 GBP

1p ordinary

SWAP

Increasing Short

1,068

0.7515 GBP

1p ordinary

CFD

Opening Long

74,384

0.7475 GBP

1p ordinary

CFD

Decreasing Long

44,702

0.7350 GBP

1p ordinary

CFD

Decreasing Long

16,922

0.7407 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:

30 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213