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	25 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:	1,473,395	1.24	283,068	0.23
(2) Cash-settled derivatives:	391,781	0.33	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	205,400	0.17	596,500	0.50
TOTAL:	2,070,576	1.74	879,568	0.74

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	1,944	4.7556 USD
Common	Buy Transaction	1,630	4.7597 USD
Common	Buy Transaction	869	4.7600 USD
Common	Buy Transaction	1,923	4.7660 USD
Common	Buy Transaction	103	4.7665 USD
Common	Buy Transaction	231	4.7674 USD
Common	Buy Transaction	474	4.7700 USD
Common	Buy Transaction	139	4.7711 USD
Common	Buy Transaction	279	4.7725 USD
Common	Buy Transaction	67	4.7730 USD
Common	Buy Transaction	36	4.7753 USD
Common	Buy Transaction	3,602	4.7768 USD
Common	Buy Transaction	2,029	4.7778 USD
Common	Buy Transaction	718	4.7800 USD
Common	Buy Transaction	3,862	4.7848 USD
Common	Buy Transaction	11	4.7955 USD
Common	Buy Transaction	2,933	4.7969 USD
Common	Buy Transaction	2,100	4.7990 USD
Common	Buy Transaction	14,565	4.8002 USD
Common	Buy Transaction	600	4.8017 USD
Common	Buy Transaction	54	4.8096 USD
Common	Buy Transaction	1,096	4.8099 USD
Common	Buy Transaction	449	4.8100 USD
Common	Buy Transaction	35	4.8103 USD
Common	Buy Transaction	2,000	4.8106 USD
Common	Buy Transaction	2,808	4.8121 USD
Common	Buy Transaction	793	4.8129 USD
Common	Buy Transaction	38	4.8137 USD
Common	Buy Transaction	1,201	4.8142 USD
Common	Buy Transaction	1,346	4.8143 USD
Common	Buy Transaction	93	4.8151 USD
Common	Buy Transaction	678	4.8164 USD
Common	Buy Transaction	6,720	4.8184 USD
Common	Buy Transaction	1,500	4.8200 USD
Common	Buy Transaction	4,000	4.8206 USD
Common	Buy Transaction	1,502	4.8213 USD
Common	Buy Transaction	7,865	4.8242 USD
Common	Buy Transaction	1,100	4.8245 USD
Common	Buy Transaction	790	4.8247 USD
Common	Buy Transaction	3,410	4.8256 USD
Common	Buy Transaction	1,556	4.8267 USD
Common	Buy Transaction	4,529	4.8286 USD
Common	Buy Transaction	1,453	4.8289 USD
Common	Buy Transaction	3,385	4.8300 USD
Common	Buy Transaction	5,113	4.8305 USD
Common	Buy Transaction	100	4.8310 USD
Common	Buy Transaction	700	4.8421 USD
Common	Buy Transaction	3,984	4.8422 USD
Common	Buy Transaction	400	4.8425 USD
Common	Buy Transaction	2,042	4.8464 USD
Common	Buy Transaction	807	4.8472 USD
Common	Buy Transaction	423	4.8475 USD
Common	Buy Transaction	400	4.8500 USD
Common	Buy Transaction	8,428	4.8527 USD
Common	Buy Transaction	1,920	4.8527 USD
Common	Buy Transaction	200	4.8550 USD
Common	Buy Transaction	811	4.8585 USD
Common	Buy Transaction	12	4.8600 USD
Common	Buy Transaction	66	4.8611 USD
Common	Buy Transaction	1,900	4.8674 USD
Common	Buy Transaction	2,021	4.8691 USD
Common	Buy Transaction	2,721	4.8700 USD
Common	Buy Transaction	300	4.8704 USD
Common	Buy Transaction	8,526	4.8722 USD
Common	Buy Transaction	1,300	4.8777 USD
Common	Buy Transaction	5,500	4.8800 USD
Common	Buy Transaction	694	4.8811 USD
Common	Buy Transaction	255	4.8900 USD
Common	Buy Transaction	1	4.8986 USD
Common	Buy Transaction	1,100	4.9009 USD
Common	Buy Transaction	285	4.9054 USD
Common	Buy Transaction	772	4.9065 USD
Common	Buy Transaction	214	4.9115 USD
Common	Buy Transaction	245	4.9129 USD
Common	Buy Transaction	1,100	4.9136 USD
Common	Buy Transaction	1,341	4.9155 USD
Common	Buy Transaction	34	4.9200 USD
Common	Buy Transaction	86	4.9224 USD
Common	Buy Transaction	478	4.9240 USD
Common	Buy Transaction	87,793	4.9300 USD
Common	Sell Transaction	700	4.7500 USD
Common	Sell Transaction	29,100	4.7600 USD
Common	Sell Transaction	4	4.7650 USD
Common	Sell Transaction	1,800	4.7690 USD
Common	Sell Transaction	2,919	4.7700 USD
Common	Sell Transaction	100	4.7790 USD
Common	Sell Transaction	190	4.7795 USD
Common	Sell Transaction	903	4.7800 USD
Common	Sell Transaction	2,234	4.7811 USD
Common	Sell Transaction	715	4.7814 USD
Common	Sell Transaction	2,394	4.7832 USD
Common	Sell Transaction	800	4.7850 USD
Common	Sell Transaction	1,790	4.7856 USD
Common	Sell Transaction	790	4.7861 USD
Common	Sell Transaction	25	4.7892 USD
Common	Sell Transaction	200	4.7900 USD
Common	Sell Transaction	1,048	4.7923 USD
Common	Sell Transaction	2,150	4.7955 USD
Common	Sell Transaction	3,889	4.8000 USD
Common	Sell Transaction	102	4.8008 USD
Common	Sell Transaction	410	4.8024 USD
Common	Sell Transaction	300	4.8033 USD
Common	Sell Transaction	611	4.8100 USD
Common	Sell Transaction	16,500	4.8120 USD
Common	Sell Transaction	10	4.8150 USD
Common	Sell Transaction	627	4.8151 USD
Common	Sell Transaction	9,749	4.8187 USD
Common	Sell Transaction	10	4.8200 USD
Common	Sell Transaction	1,873	4.8219 USD
Common	Sell Transaction	5,158	4.8287 USD
Common	Sell Transaction	317	4.8298 USD
Common	Sell Transaction	6,510	4.8300 USD
Common	Sell Transaction	1,412	4.8301 USD
Common	Sell Transaction	761	4.8316 USD
Common	Sell Transaction	376	4.8340 USD
Common	Sell Transaction	1,800	4.8344 USD
Common	Sell Transaction	400	4.8350 USD
Common	Sell Transaction	8,480	4.8351 USD
Common	Sell Transaction	480	4.8370 USD
Common	Sell Transaction	5	4.8380 USD
Common	Sell Transaction	3,200	4.8394 USD
Common	Sell Transaction	542	4.8399 USD
Common	Sell Transaction	744	4.8400 USD
Common	Sell Transaction	900	4.8433 USD
Common	Sell Transaction	500	4.8450 USD
Common	Sell Transaction	380	4.8458 USD
Common	Sell Transaction	128	4.8500 USD
Common	Sell Transaction	3	4.8541 USD
Common	Sell Transaction	26,983	4.8563 USD
Common	Sell Transaction	1,300	4.8592 USD
Common	Sell Transaction	3,700	4.8600 USD
Common	Sell Transaction	68,266	4.8620 USD
Common	Sell Transaction	95	4.8626 USD
Common	Sell Transaction	758	4.8665 USD
Common	Sell Transaction	472	4.8672 USD
Common	Sell Transaction	1,469	4.8674 USD
Common	Sell Transaction	373	4.8690 USD
Common	Sell Transaction	801	4.8700 USD
Common	Sell Transaction	1,000	4.8720 USD
Common	Sell Transaction	584	4.8732 USD
Common	Sell Transaction	463	4.8734 USD
Common	Sell Transaction	491	4.8770 USD
Common	Sell Transaction	1,100	4.8773 USD
Common	Sell Transaction	79	4.8784 USD
Common	Sell Transaction	6,499	4.8828 USD
Common	Sell Transaction	700	4.8843 USD
Common	Sell Transaction	306	4.8888 USD
Common	Sell Transaction	1,900	4.8900 USD
Common	Sell Transaction	6,962	4.8907 USD
Common	Sell Transaction	2,300	4.8939 USD
Common	Sell Transaction	14,089	4.8951 USD
Common	Sell Transaction	923	4.8982 USD
Common	Sell Transaction	20,411	4.8987 USD
Common	Sell Transaction	7,925	4.8998 USD
Common	Sell Transaction	29,211	4.9069 USD
Common	Sell Transaction	2,364	4.9100 USD
Common	Sell Transaction	327	4.9140 USD
Common	Sell Transaction	849	4.9141 USD
Common	Sell Transaction	300	4.9200 USD
Common	Sell Transaction	5,990	4.9220 USD
Common	Sell Transaction	1,000	4.9240 USD
Common	Sell Transaction	110	4.9245 USD
Common	Sell Transaction	8	4.9250 USD
Common	Sell Transaction	2,368	4.9283 USD
Common	Sell Transaction	833	4.9296 USD
Common	Sell Transaction	96,334	4.9300 USD
Common	Sell Transaction	2,000	4.9328 USD
Common	Sell Transaction	496	4.9358 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

60,140

4.8451 USD

Common

CFD

Reducing long position

11,141

4.9163 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	Call Option	Buy Transaction	300	7.0000 USD	American	2025-10-17	0.1300 USD
Common	Call Option	Buy Transaction	400	4.0000 USD	American	2025-10-17	1.0600 USD
Common	Put Option	Buy Transaction	1,000	6.0000 USD	American	2025-08-15	1.1200 USD
Common	Call Option	Sell Transaction	400	5.0000 USD	American	2025-10-17	0.5000 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:	28 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	Put Option	Purchased	-200	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-1,000	6.0 USD	American	15/08/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
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	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	18,800	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-201,600	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	600	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-900	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,300	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-141,400	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-117,000	7.0 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	-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	-200	4.0 USD	American	15/08/2025
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,300	10.0 USD	American	17/07/2026

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 .