Form 8.5 (EPT/RI) - Replacement of Direct Line

RNS Number : 8649P

Morgan Stanley & Co. Int'l plc

04 July 2025

AMENDMENT(2(b))

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Rule 8.5 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Name of exempt principal trader:	Morgan Stanley & Co. International plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Direct Line Insurance Group plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Direct Line Insurance Group plc
(d) Date dealing undertaken:	01 July 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A"	YES - Aviva plc

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchases/ sales

Total number of securities

Highest price per unit paid/received

Lowest price per unit paid/received

10 10/11p ordinary

PURCHASES

7,797,519

3.0740 GBP

3.0498 GBP

10 10/11p ordinary

SALES

2,856,186

3.0840 GBP

3.0500 GBP

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
10 10/11p ordinary	CFD	increasing a long position	1,234	3.0451 GBP
10 10/11p ordinary	CFD	increasing a long position	33,136	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	1,536	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	8,759	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	178	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	2,082	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	20,077	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	11,375	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	11,373	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	511	3.0500 GBP
10 10/11p ordinary	CFD	increasing a long position	241	3.0502 GBP
10 10/11p ordinary	CFD	increasing a long position	564,481	3.0507 GBP
10 10/11p ordinary	CFD	increasing a long position	2,512	3.0578 GBP
10 10/11p ordinary	CFD	increasing a long position	9,635	3.0585 GBP
10 10/11p ordinary	CFD	increasing a long position	8,191	3.0612 GBP
10 10/11p ordinary	CFD	increasing a long position	5,263	3.0612 GBP
10 10/11p ordinary	CFD	increasing a long position	250,000	3.0615 GBP
10 10/11p ordinary	CFD	increasing a long position	2,205	3.0624 GBP
10 10/11p ordinary	CFD	increasing a long position	24,663	3.0631 GBP
10 10/11p ordinary	CFD	increasing a long position	3,282	3.0638 GBP
10 10/11p ordinary	CFD	increasing a long position	3,395	3.0640 GBP
10 10/11p ordinary	CFD	increasing a long position	7,558	3.0645 GBP
10 10/11p ordinary	CFD	increasing a long position	6,748	3.0649 GBP
10 10/11p ordinary	CFD	increasing a long position	55	3.0650 GBP
10 10/11p ordinary	CFD	increasing a long position	488,437	3.0650 GBP
10 10/11p ordinary	CFD	increasing a long position	7,149	3.0658 GBP
10 10/11p ordinary	CFD	increasing a long position	2,638	3.0659 GBP
10 10/11p ordinary	CFD	increasing a long position	172	3.0660 GBP
10 10/11p ordinary	CFD	increasing a long position	422	3.0700 GBP
10 10/11p ordinary	CFD	increasing a long position	986	3.0725 GBP
10 10/11p ordinary	CFD	increasing a long position	1,876	3.0740 GBP
10 10/11p ordinary	CFD	increasing a short position	14	3.0498 GBP
10 10/11p ordinary	CFD	increasing a short position	944,899	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	288	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	3,760	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	1,127,724	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	117,700	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	637,787	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	3,090	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	3,568	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	12,500	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	492,835	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	1,857,120	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	89,869	3.0500 GBP
10 10/11p ordinary	CFD	increasing a short position	356,766	3.0501 GBP
10 10/11p ordinary	CFD	increasing a short position	114	3.0505 GBP
10 10/11p ordinary	CFD	increasing a short position	18,361	3.0505 GBP
10 10/11p ordinary	CFD	increasing a short position	21,078	3.0506 GBP
10 10/11p ordinary	CFD	increasing a short position	7,999	3.0509 GBP
10 10/11p ordinary	CFD	increasing a short position	18,530	3.0511 GBP
10 10/11p ordinary	CFD	increasing a short position	18,530	3.0511 GBP
10 10/11p ordinary	CFD	increasing a short position	23	3.0512 GBP
10 10/11p ordinary	CFD	increasing a short position	10,897	3.0523 GBP
10 10/11p ordinary	CFD	increasing a short position	6,142	3.0533 GBP
10 10/11p ordinary	CFD	increasing a short position	9	3.0534 GBP
10 10/11p ordinary	CFD	increasing a short position	40,673	3.0618 GBP
10 10/11p ordinary	CFD	increasing a short position	2,160	3.0631 GBP
10 10/11p ordinary	CFD	increasing a short position	6	3.0640 GBP
10 10/11p ordinary	CFD	increasing a short position	2,376	3.0653 GBP
10 10/11p ordinary	CFD	reducing a long position	71,151	2.5556 GBP
10 10/11p ordinary	CFD	reducing a long position	25,327	2.7852 GBP
10 10/11p ordinary	CFD	reducing a long position	24,885	2.7857 GBP
10 10/11p ordinary	CFD	reducing a long position	21,537	2.7862 GBP
10 10/11p ordinary	CFD	reducing a long position	33,897	2.7917 GBP
10 10/11p ordinary	CFD	reducing a long position	9,027	2.7977 GBP
10 10/11p ordinary	CFD	reducing a long position	240,428	2.8129 GBP
10 10/11p ordinary	CFD	reducing a long position	72,673	2.8232 GBP
10 10/11p ordinary	CFD	reducing a long position	60,912	2.8420 GBP
10 10/11p ordinary	CFD	reducing a long position	20,993	2.9900 GBP
10 10/11p ordinary	CFD	reducing a long position	488,669	2.9927 GBP
10 10/11p ordinary	CFD	reducing a long position	30,674	2.9940 GBP
10 10/11p ordinary	CFD	reducing a long position	405	3.0099 GBP
10 10/11p ordinary	CFD	reducing a long position	8,898	3.0238 GBP
10 10/11p ordinary	CFD	reducing a long position	60,951	3.0260 GBP
10 10/11p ordinary	CFD	reducing a long position	41,122	3.0360 GBP
10 10/11p ordinary	CFD	reducing a long position	1,536	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	2,082	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	12,876	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	11,375	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	33,136	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	8,759	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	20,077	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	601,853	3.0500 GBP
10 10/11p ordinary	CFD	reducing a long position	44,037	3.0629 GBP
10 10/11p ordinary	CFD	reducing a long position	257,130	3.0660 GBP
10 10/11p ordinary	CFD	reducing a long position	11,140	3.0660 GBP
10 10/11p ordinary	CFD	reducing a long position	380,986	3.0660 GBP
10 10/11p ordinary	CFD	reducing a long position	19,992	3.0669 GBP
10 10/11p ordinary	CFD	reducing a long position	8,129	3.0669 GBP
10 10/11p ordinary	CFD	reducing a short position	400,000	2.5523 GBP
10 10/11p ordinary	CFD	reducing a short position	24,691	2.5752 GBP
10 10/11p ordinary	CFD	reducing a short position	8,660	2.5986 GBP
10 10/11p ordinary	CFD	reducing a short position	37,802	2.6415 GBP
10 10/11p ordinary	CFD	reducing a short position	64,495	2.6612 GBP
10 10/11p ordinary	CFD	reducing a short position	488,437	2.7163 GBP
10 10/11p ordinary	CFD	reducing a short position	63,508	2.7284 GBP
10 10/11p ordinary	CFD	reducing a short position	8,461,326	2.7713 GBP
10 10/11p ordinary	CFD	reducing a short position	999,596	2.8268 GBP
10 10/11p ordinary	CFD	reducing a short position	132,266	2.8334 GBP
10 10/11p ordinary	CFD	reducing a short position	1,240,514	2.8387 GBP
10 10/11p ordinary	CFD	reducing a short position	1,787,543	2.8443 GBP
10 10/11p ordinary	CFD	reducing a short position	1,918,957	2.8444 GBP
10 10/11p ordinary	CFD	reducing a short position	383,138	2.9308 GBP
10 10/11p ordinary	CFD	reducing a short position	2,442,948	2.9863 GBP
10 10/11p ordinary	CFD	reducing a short position	103,445	2.9900 GBP
10 10/11p ordinary	CFD	reducing a short position	129,296	2.9900 GBP
10 10/11p ordinary	CFD	reducing a short position	23,533	2.9984 GBP
10 10/11p ordinary	CFD	reducing a short position	727,867	3.0051 GBP
10 10/11p ordinary	CFD	reducing a short position	169,251	3.0080 GBP
10 10/11p ordinary	CFD	reducing a short position	507,750	3.0080 GBP
10 10/11p ordinary	CFD	reducing a short position	73,866	3.0200 GBP
10 10/11p ordinary	CFD	reducing a short position	86	3.0303 GBP
10 10/11p ordinary	CFD	reducing a short position	4,374,508	3.0340 GBP
10 10/11p ordinary	CFD	reducing a short position	243,494	3.0620 GBP
10 10/11p ordinary	CFD	reducing a short position	241	3.0625 GBP
10 10/11p ordinary	CFD	reducing a short position	2,846	3.0629 GBP
10 10/11p ordinary	CFD	reducing a short position	234,674	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	288,955	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	1,088,489	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	1,539,493	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	58,322	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	355,007	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	4,856,372	3.0640 GBP
10 10/11p ordinary	CFD	reducing a short position	2,376	3.0650 GBP
10 10/11p ordinary	CFD	reducing a short position	5,398,586	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	918,881	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	25,570	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	2,293,356	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	3,563,705	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	171,643	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	43,735	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	8,248	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	1,349,479	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	316,674	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	27,470	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	274,561	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	329,952	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	2,001,082	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	42,278	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	1,270,266	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	902,822	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	230,957	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	993,942	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	4,218	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	1,246	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	41,578	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	2,062,197	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	9,635	3.0660 GBP
10 10/11p ordinary	CFD	reducing a short position	492,168	3.0713 GBP
10 10/11p ordinary	CFD	reducing a short position	14,935	3.0747 GBP
10 10/11p ordinary	CFD	reducing a short position	5,531,845	3.0753 GBP
10 10/11p ordinary	CFD	reducing a short position	3,386,877	3.0753 GBP
10 10/11p ordinary	CFD	reducing a short position	298,412	3.0754 GBP
10 10/11p ordinary	CFD	reducing a short position	1,511,291	3.0754 GBP
10 10/11p ordinary	CFD	reducing a short position	1,982,522	3.0754 GBP
10 10/11p ordinary	CFD	reducing a short position	98,417	3.0760 GBP

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Option money paid/ received per unit

N/A

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

N/A

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

N/A

3. OTHER INFORMATION

(a) Indemnity and other dealing 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:

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

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 or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

NONE

Date of disclosure:	04 July 2025
Contact name:	Craig Horsley
Telephone number:	+44 141 245-7736

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

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END

FERBSGDRDGGDGUS

Date	4 Jul 2025
Time	15:06:15
Category	Holding(s) in company
ID	8649P

Date	4 Jul 2025
Time	15:06:15
Category	Holding(s) in company
ID	8649P

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Form 8.5 (EPT/RI) - Replacement of Direct Line

Date of disclosure:

Contact name:

Telephone number: