National Storage Mechanism | Additional information

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Full name of discloser:	Citadel Group
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	AMERICAN AXLE MANUFACTURING HOLDINGS INC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	24 July 2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A"	YES DOWLAIS GROUP PLC

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(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: Common Stock	ISIN US0240611030 USD 0.01 common
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	1,584,451	1.33	196,534	0.16
(2) Cash-settled derivatives:	463,062	0.39	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	204,700	0.17	595,100	0.50
TOTAL:	2,252,213	1.89	791,634	0.66

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other employee options)

Class of relevant security in relation to which subscription right exists:	N/A
Details, including nature of the rights concerned and relevant percentages:	N/A

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(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	Purchase/sale	Number of securities	Price per unit
Common	Buy Transaction	108	4.7867 USD
Common	Buy Transaction	1	4.7900 USD
Common	Buy Transaction	101	4.7958 USD
Common	Buy Transaction	800	4.8050 USD
Common	Buy Transaction	140	4.8096 USD
Common	Buy Transaction	28,118	4.8100 USD
Common	Buy Transaction	12,373	4.8121 USD
Common	Buy Transaction	13,666	4.8182 USD
Common	Buy Transaction	7,435	4.8200 USD
Common	Buy Transaction	205	4.8200 USD
Common	Buy Transaction	700	4.8207 USD
Common	Buy Transaction	245	4.8208 USD
Common	Buy Transaction	64	4.8209 USD
Common	Buy Transaction	8	4.8213 USD
Common	Buy Transaction	927	4.8232 USD
Common	Buy Transaction	605	4.8244 USD
Common	Buy Transaction	13,299	4.8251 USD
Common	Buy Transaction	4,388	4.8255 USD
Common	Buy Transaction	7	4.8257 USD
Common	Buy Transaction	8	4.8275 USD
Common	Buy Transaction	612	4.8300 USD
Common	Buy Transaction	1,012	4.8305 USD
Common	Buy Transaction	17,321	4.8306 USD
Common	Buy Transaction	1,300	4.8308 USD
Common	Buy Transaction	6,247	4.8318 USD
Common	Buy Transaction	2,866	4.8327 USD
Common	Buy Transaction	3,634	4.8330 USD
Common	Buy Transaction	1,216	4.8333 USD
Common	Buy Transaction	300	4.8350 USD
Common	Buy Transaction	4,700	4.8360 USD
Common	Buy Transaction	782	4.8360 USD
Common	Buy Transaction	1,721	4.8361 USD
Common	Buy Transaction	583	4.8365 USD
Common	Buy Transaction	800	4.8375 USD
Common	Buy Transaction	1,500	4.8380 USD
Common	Buy Transaction	1,826	4.8385 USD
Common	Buy Transaction	346	4.8388 USD
Common	Buy Transaction	869	4.8388 USD
Common	Buy Transaction	142	4.8396 USD
Common	Buy Transaction	3,234	4.8400 USD
Common	Buy Transaction	5,200	4.8401 USD
Common	Buy Transaction	3,495	4.8402 USD
Common	Buy Transaction	65,159	4.8404 USD
Common	Buy Transaction	3,984	4.8406 USD
Common	Buy Transaction	50	4.8406 USD
Common	Buy Transaction	500	4.8408 USD
Common	Buy Transaction	10	4.8410 USD
Common	Buy Transaction	1,520	4.8418 USD
Common	Buy Transaction	5,500	4.8424 USD
Common	Buy Transaction	1,878	4.8432 USD
Common	Buy Transaction	503	4.8433 USD
Common	Buy Transaction	3,779	4.8433 USD
Common	Buy Transaction	1,678	4.8435 USD
Common	Buy Transaction	3,663	4.8443 USD
Common	Buy Transaction	3,148	4.8448 USD
Common	Buy Transaction	1	4.8448 USD
Common	Buy Transaction	10,500	4.8450 USD
Common	Buy Transaction	183	4.8450 USD
Common	Buy Transaction	3,800	4.8451 USD
Common	Buy Transaction	37	4.8451 USD
Common	Buy Transaction	3,500	4.8454 USD
Common	Buy Transaction	910	4.8456 USD
Common	Buy Transaction	7,776	4.8459 USD
Common	Buy Transaction	800	4.8463 USD
Common	Buy Transaction	160	4.8467 USD
Common	Buy Transaction	3,545	4.8470 USD
Common	Buy Transaction	700	4.8486 USD
Common	Buy Transaction	700	4.8489 USD
Common	Buy Transaction	878	4.8494 USD
Common	Buy Transaction	2,284	4.8496 USD
Common	Buy Transaction	396	4.8498 USD
Common	Buy Transaction	75,533	4.8500 USD
Common	Buy Transaction	19,613	4.8500 USD
Common	Buy Transaction	2,388	4.8504 USD
Common	Buy Transaction	23,241	4.8505 USD
Common	Buy Transaction	2,501	4.8508 USD
Common	Buy Transaction	1,356	4.8508 USD
Common	Buy Transaction	68	4.8510 USD
Common	Buy Transaction	1,657	4.8512 USD
Common	Buy Transaction	2,190	4.8520 USD
Common	Buy Transaction	2,134	4.8522 USD
Common	Buy Transaction	800	4.8537 USD
Common	Buy Transaction	2,362	4.8542 USD
Common	Buy Transaction	7	4.8543 USD
Common	Buy Transaction	900	4.8550 USD
Common	Buy Transaction	1,993	4.8551 USD
Common	Buy Transaction	1,124	4.8564 USD
Common	Buy Transaction	344	4.8567 USD
Common	Buy Transaction	580	4.8582 USD
Common	Buy Transaction	1,002	4.8600 USD
Common	Buy Transaction	79,465	4.8600 USD
Common	Buy Transaction	24,237	4.8698 USD
Common	Buy Transaction	1,588	4.8700 USD
Common	Buy Transaction	2	4.8750 USD
Common	Buy Transaction	700	4.8800 USD
Common	Sell Transaction	7,275	4.7987 USD
Common	Sell Transaction	1,990	4.8000 USD
Common	Sell Transaction	702	4.8007 USD
Common	Sell Transaction	1,508	4.8032 USD
Common	Sell Transaction	400	4.8050 USD
Common	Sell Transaction	685	4.8082 USD
Common	Sell Transaction	7,081	4.8096 USD
Common	Sell Transaction	1,711	4.8103 USD
Common	Sell Transaction	1,014	4.8122 USD
Common	Sell Transaction	310	4.8124 USD
Common	Sell Transaction	1,872	4.8167 USD
Common	Sell Transaction	14,800	4.8172 USD
Common	Sell Transaction	6,352	4.8195 USD
Common	Sell Transaction	3,725	4.8200 USD
Common	Sell Transaction	4,256	4.8203 USD
Common	Sell Transaction	14,892	4.8207 USD
Common	Sell Transaction	3,274	4.8233 USD
Common	Sell Transaction	29,067	4.8250 USD
Common	Sell Transaction	500	4.8260 USD
Common	Sell Transaction	2,208	4.8264 USD
Common	Sell Transaction	10,000	4.8283 USD
Common	Sell Transaction	10,283	4.8300 USD
Common	Sell Transaction	1,617	4.8311 USD
Common	Sell Transaction	3,700	4.8322 USD
Common	Sell Transaction	31,338	4.8331 USD
Common	Sell Transaction	3,793	4.8337 USD
Common	Sell Transaction	248	4.8349 USD
Common	Sell Transaction	1,801	4.8350 USD
Common	Sell Transaction	3,710	4.8360 USD
Common	Sell Transaction	600	4.8367 USD
Common	Sell Transaction	366	4.8372 USD
Common	Sell Transaction	784	4.8372 USD
Common	Sell Transaction	4,200	4.8374 USD
Common	Sell Transaction	400	4.8377 USD
Common	Sell Transaction	575	4.8383 USD
Common	Sell Transaction	60	4.8383 USD
Common	Sell Transaction	2,587	4.8393 USD
Common	Sell Transaction	11,953	4.8400 USD
Common	Sell Transaction	611	4.8403 USD
Common	Sell Transaction	4,298	4.8409 USD
Common	Sell Transaction	597	4.8410 USD
Common	Sell Transaction	453	4.8416 USD
Common	Sell Transaction	12,300	4.8417 USD
Common	Sell Transaction	179	4.8426 USD
Common	Sell Transaction	93	4.8435 USD
Common	Sell Transaction	724	4.8449 USD
Common	Sell Transaction	5,029	4.8450 USD
Common	Sell Transaction	199	4.8451 USD
Common	Sell Transaction	1,672	4.8456 USD
Common	Sell Transaction	17,500	4.8456 USD
Common	Sell Transaction	1,968	4.8476 USD
Common	Sell Transaction	34,600	4.8477 USD
Common	Sell Transaction	1,000	4.8480 USD
Common	Sell Transaction	932	4.8485 USD
Common	Sell Transaction	1,500	4.8487 USD
Common	Sell Transaction	935	4.8488 USD
Common	Sell Transaction	149	4.8490 USD
Common	Sell Transaction	3,100	4.8494 USD
Common	Sell Transaction	17,386	4.8500 USD
Common	Sell Transaction	923	4.8503 USD
Common	Sell Transaction	1,400	4.8507 USD
Common	Sell Transaction	1,258	4.8510 USD
Common	Sell Transaction	3,079	4.8516 USD
Common	Sell Transaction	259	4.8523 USD
Common	Sell Transaction	36	4.8525 USD
Common	Sell Transaction	5,339	4.8539 USD
Common	Sell Transaction	500	4.8540 USD
Common	Sell Transaction	980	4.8544 USD
Common	Sell Transaction	3,027	4.8558 USD
Common	Sell Transaction	1,534	4.8561 USD
Common	Sell Transaction	1,560	4.8575 USD
Common	Sell Transaction	1	4.8584 USD
Common	Sell Transaction	900	4.8589 USD
Common	Sell Transaction	79,685	4.8600 USD
Common	Sell Transaction	957	4.8699 USD
Common	Sell Transaction	1,000	4.8700 USD
Common	Sell Transaction	192	4.8800 USD
Common	Sell Transaction	3	4.8867 USD
Common	Sell Transaction	1	4.9000 USD

(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
Common	CFD	Reducing long position	3,856	4.8342 USD
Common	CFD	Reducing long position	37,569	4.8383 USD
Common	CFD	Reducing long position	40,636	4.8415 USD
Common	CFD	Reducing long position	469	4.8500 USD
Common	CFD	Reducing long position	1,167	4.8500 USD

(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

Common

Put Option

Buy Transaction

200

5.0000 USD

American

2025-09-19

0.5500 USD

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(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)

4. 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 person 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 person 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

Is a Supplemental Form 8 (Open Positions) attached?

YES

Date of disclosure:	25 July 2025
Contact name:	Paula Santos
Telephone number*:	020 7645 9700

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 disclosure requirements on +44 (0)20 7638 0129.

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.

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

SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.

Note 5(i) on Rule 8 of the Takeover Code (the "Code")

1. KEY INFORMATION

Full name of person making disclosure:	Citadel Group
Name of offeror/offeree in relation to whose relevant securities the disclosure relates:	AMERICAN AXLE MANUFACTURING HOLDINGS INC

2. STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

Class of relevant security	Product description e.g. call option	Written or purchased	Number of securities to which option or derivative relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Call Option	Purchased	600	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,300	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	18,400	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-200	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-201,600	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-300	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	90,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-36,900	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-117,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-141,000	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-200	4.0 USD	American	15/08/2025

3. AGREEMENTS TO PURCHASE OR SELL ETC.

Full details should be given so that the nature of the interest or position can be fully understood:

It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.

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

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

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