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	28 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:	1,460,953	1.23	366,313	0.30
(2) Cash-settled derivatives:	353,878	0.29	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	205,300	0.17	592,400	0.49
TOTAL:	2,020,131	1.70	958,713	0.80

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	10	4.8310 USD
Common	Buy Transaction	8,034	4.8341 USD
Common	Buy Transaction	291	4.8500 USD
Common	Buy Transaction	2,400	4.8525 USD
Common	Buy Transaction	250	4.8532 USD
Common	Buy Transaction	7,250	4.8550 USD
Common	Buy Transaction	189	4.8559 USD
Common	Buy Transaction	3,028	4.8577 USD
Common	Buy Transaction	2,477	4.8600 USD
Common	Buy Transaction	4,405	4.8603 USD
Common	Buy Transaction	17	4.8606 USD
Common	Buy Transaction	2,200	4.8641 USD
Common	Buy Transaction	180	4.8642 USD
Common	Buy Transaction	210	4.8650 USD
Common	Buy Transaction	5,841	4.8672 USD
Common	Buy Transaction	136	4.8685 USD
Common	Buy Transaction	10,480	4.8700 USD
Common	Buy Transaction	28	4.8707 USD
Common	Buy Transaction	212	4.8711 USD
Common	Buy Transaction	1,186	4.8715 USD
Common	Buy Transaction	510	4.8715 USD
Common	Buy Transaction	519	4.8728 USD
Common	Buy Transaction	300	4.8733 USD
Common	Buy Transaction	372	4.8750 USD
Common	Buy Transaction	64	4.8758 USD
Common	Buy Transaction	7,556	4.8769 USD
Common	Buy Transaction	199	4.8778 USD
Common	Buy Transaction	3,900	4.8779 USD
Common	Buy Transaction	808	4.8782 USD
Common	Buy Transaction	50	4.8790 USD
Common	Buy Transaction	74	4.8793 USD
Common	Buy Transaction	816	4.8800 USD
Common	Buy Transaction	26	4.8808 USD
Common	Buy Transaction	248	4.8811 USD
Common	Buy Transaction	252	4.8815 USD
Common	Buy Transaction	749	4.8820 USD
Common	Buy Transaction	3,094	4.8824 USD
Common	Buy Transaction	1,314	4.8827 USD
Common	Buy Transaction	5,741	4.8833 USD
Common	Buy Transaction	4,502	4.8835 USD
Common	Buy Transaction	163	4.8837 USD
Common	Buy Transaction	2,300	4.8839 USD
Common	Buy Transaction	246	4.8840 USD
Common	Buy Transaction	1,531	4.8846 USD
Common	Buy Transaction	35	4.8849 USD
Common	Buy Transaction	810	4.8850 USD
Common	Buy Transaction	438	4.8859 USD
Common	Buy Transaction	5,110	4.8867 USD
Common	Buy Transaction	726	4.8870 USD
Common	Buy Transaction	2,863	4.8872 USD
Common	Buy Transaction	2,367	4.8873 USD
Common	Buy Transaction	400	4.8875 USD
Common	Buy Transaction	900	4.8878 USD
Common	Buy Transaction	1	4.8879 USD
Common	Buy Transaction	5,910	4.8885 USD
Common	Buy Transaction	84,811	4.8900 USD
Common	Buy Transaction	31	4.8906 USD
Common	Buy Transaction	8,601	4.8907 USD
Common	Buy Transaction	1,673	4.8916 USD
Common	Buy Transaction	479	4.8929 USD
Common	Buy Transaction	500	4.8940 USD
Common	Buy Transaction	2,400	4.8942 USD
Common	Buy Transaction	1,639	4.8948 USD
Common	Buy Transaction	14	4.8950 USD
Common	Buy Transaction	1	4.8952 USD
Common	Buy Transaction	276	4.8954 USD
Common	Buy Transaction	695	4.8956 USD
Common	Buy Transaction	148	4.8977 USD
Common	Buy Transaction	594	4.8985 USD
Common	Buy Transaction	39,166	4.9000 USD
Common	Buy Transaction	5	4.9040 USD
Common	Buy Transaction	2,329	4.9100 USD
Common	Sell Transaction	10	4.8350 USD
Common	Sell Transaction	700	4.8400 USD
Common	Sell Transaction	8,500	4.8450 USD
Common	Sell Transaction	400	4.8475 USD
Common	Sell Transaction	7,400	4.8482 USD
Common	Sell Transaction	33,338	4.8500 USD
Common	Sell Transaction	6,200	4.8502 USD
Common	Sell Transaction	1,730	4.8503 USD
Common	Sell Transaction	203	4.8508 USD
Common	Sell Transaction	23	4.8513 USD
Common	Sell Transaction	400	4.8525 USD
Common	Sell Transaction	2,032	4.8538 USD
Common	Sell Transaction	10,944	4.8540 USD
Common	Sell Transaction	500	4.8540 USD
Common	Sell Transaction	210	4.8543 USD
Common	Sell Transaction	1,208	4.8550 USD
Common	Sell Transaction	762	4.8557 USD
Common	Sell Transaction	106	4.8559 USD
Common	Sell Transaction	3	4.8567 USD
Common	Sell Transaction	949	4.8572 USD
Common	Sell Transaction	400	4.8575 USD
Common	Sell Transaction	401	4.8576 USD
Common	Sell Transaction	326	4.8586 USD
Common	Sell Transaction	1,600	4.8587 USD
Common	Sell Transaction	5,769	4.8590 USD
Common	Sell Transaction	40	4.8590 USD
Common	Sell Transaction	0	4.8592 USD
Common	Sell Transaction	100	4.8593 USD
Common	Sell Transaction	5,337	4.8600 USD
Common	Sell Transaction	2,628	4.8604 USD
Common	Sell Transaction	1,083	4.8609 USD
Common	Sell Transaction	124	4.8610 USD
Common	Sell Transaction	3,440	4.8610 USD
Common	Sell Transaction	2,476	4.8618 USD
Common	Sell Transaction	7,949	4.8619 USD
Common	Sell Transaction	1,867	4.8622 USD
Common	Sell Transaction	3,563	4.8625 USD
Common	Sell Transaction	4,352	4.8638 USD
Common	Sell Transaction	1,266	4.8641 USD
Common	Sell Transaction	200	4.8650 USD
Common	Sell Transaction	705	4.8657 USD
Common	Sell Transaction	1,200	4.8658 USD
Common	Sell Transaction	1,100	4.8664 USD
Common	Sell Transaction	300	4.8667 USD
Common	Sell Transaction	400	4.8675 USD
Common	Sell Transaction	1,700	4.8694 USD
Common	Sell Transaction	19,789	4.8700 USD
Common	Sell Transaction	475	4.8703 USD
Common	Sell Transaction	1,416	4.8708 USD
Common	Sell Transaction	212	4.8710 USD
Common	Sell Transaction	700	4.8714 USD
Common	Sell Transaction	156	4.8721 USD
Common	Sell Transaction	623	4.8735 USD
Common	Sell Transaction	626	4.8737 USD
Common	Sell Transaction	918	4.8746 USD
Common	Sell Transaction	542	4.8750 USD
Common	Sell Transaction	823	4.8763 USD
Common	Sell Transaction	12,600	4.8776 USD
Common	Sell Transaction	208	4.8780 USD
Common	Sell Transaction	802	4.8783 USD
Common	Sell Transaction	5,150	4.8787 USD
Common	Sell Transaction	102	4.8790 USD
Common	Sell Transaction	1,431	4.8795 USD
Common	Sell Transaction	493	4.8800 USD
Common	Sell Transaction	400	4.8812 USD
Common	Sell Transaction	195	4.8850 USD
Common	Sell Transaction	1,593	4.8861 USD
Common	Sell Transaction	113	4.8867 USD
Common	Sell Transaction	580	4.8899 USD
Common	Sell Transaction	401	4.8899 USD
Common	Sell Transaction	192	4.8899 USD
Common	Sell Transaction	92,357	4.8900 USD
Common	Sell Transaction	27,711	4.8913 USD
Common	Sell Transaction	2,971	4.8919 USD
Common	Sell Transaction	0	4.8927 USD
Common	Sell Transaction	1,212	4.8942 USD
Common	Sell Transaction	1,550	4.8955 USD
Common	Sell Transaction	1,700	4.8965 USD
Common	Sell Transaction	3,039	4.8968 USD
Common	Sell Transaction	6,152	4.8970 USD
Common	Sell Transaction	969	4.8977 USD
Common	Sell Transaction	900	4.8978 USD
Common	Sell Transaction	1,467	4.8980 USD
Common	Sell Transaction	257	4.8982 USD
Common	Sell Transaction	1,341	4.8985 USD
Common	Sell Transaction	1,000	4.8990 USD
Common	Sell Transaction	6,150	4.8996 USD
Common	Sell Transaction	377	4.8996 USD
Common	Sell Transaction	15,225	4.9000 USD
Common	Sell Transaction	3,147	4.9006 USD
Common	Sell Transaction	123	4.9037 USD
Common	Sell Transaction	13	4.9092 USD
Common	Sell Transaction	216	4.9100 USD
Common	Sell Transaction	400	4.9200 USD
Common	Sell Transaction	5	4.9540 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	9,044	4.8597 USD
Common	CFD	Reducing long position	1,376	4.8653 USD
Common	CFD	Reducing long position	10,812	4.8745 USD
Common	CFD	Reducing long position	1,971	4.8846 USD
Common	CFD	Reducing long position	2,500	4.8900 USD
Common	CFD	Reducing long position	8,705	4.8942 USD
Common	CFD	Reducing long position	3,495	4.8942 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	100	6.0000 USD	American	2025-09-19	0.1800 USD
Common	Call Option	Buy Transaction	300	10.0000 USD	American	2026-07-17	0.2500 USD
Common	Call Option	Buy Transaction	3,600	5.0000 USD	American	2025-10-17	0.5000 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-10-17	0.5700 USD
Common	Call Option	Sell Transaction	200	6.0000 USD	American	2025-09-19	0.1500 USD
Common	Put Option	Sell Transaction	100	4.0000 USD	American	2026-01-16	0.4000 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:	29 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	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	18,800	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,200	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-1,000	6.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Put Option	Purchased	-201,500	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
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	1,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-200	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-200	4.0 USD	American	15/08/2025
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	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-137,700	5.0 USD	American	17/10/2025
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	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Put Option	Sold	90,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-300	3.0 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 .