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	29 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:	1,468,841	1.23	432,580	0.36
(2) Cash-settled derivatives:	316,880	0.26	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	203,300	0.17	593,900	0.50
TOTAL:	1,989,021	1.67	1,026,480	0.86

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	81,202	4.6400 USD
Common	Buy Transaction	1,001	4.6446 USD
Common	Buy Transaction	59	4.6451 USD
Common	Buy Transaction	33	4.6500 USD
Common	Buy Transaction	500	4.6550 USD
Common	Buy Transaction	119	4.6550 USD
Common	Buy Transaction	7,300	4.6610 USD
Common	Buy Transaction	2,355	4.6634 USD
Common	Buy Transaction	1,250	4.6770 USD
Common	Buy Transaction	65	4.6868 USD
Common	Buy Transaction	1,908	4.6900 USD
Common	Buy Transaction	184	4.6933 USD
Common	Buy Transaction	2,300	4.6946 USD
Common	Buy Transaction	3,031	4.6955 USD
Common	Buy Transaction	180	4.6983 USD
Common	Buy Transaction	120	4.7010 USD
Common	Buy Transaction	138	4.7011 USD
Common	Buy Transaction	90	4.7050 USD
Common	Buy Transaction	9	4.7056 USD
Common	Buy Transaction	1,785	4.7114 USD
Common	Buy Transaction	330	4.7195 USD
Common	Buy Transaction	22	4.7223 USD
Common	Buy Transaction	1,442	4.7251 USD
Common	Buy Transaction	3,205	4.7270 USD
Common	Buy Transaction	284	4.7299 USD
Common	Buy Transaction	100	4.7300 USD
Common	Buy Transaction	6,137	4.7303 USD
Common	Buy Transaction	12	4.7308 USD
Common	Buy Transaction	797	4.7353 USD
Common	Buy Transaction	2,103	4.7357 USD
Common	Buy Transaction	289	4.7365 USD
Common	Buy Transaction	1,192	4.7388 USD
Common	Buy Transaction	2,255	4.7400 USD
Common	Buy Transaction	449	4.7401 USD
Common	Buy Transaction	2,000	4.7405 USD
Common	Buy Transaction	30	4.7410 USD
Common	Buy Transaction	317	4.7436 USD
Common	Buy Transaction	2,636	4.7449 USD
Common	Buy Transaction	122	4.7450 USD
Common	Buy Transaction	16	4.7475 USD
Common	Buy Transaction	3,183	4.7537 USD
Common	Buy Transaction	69	4.7551 USD
Common	Buy Transaction	401	4.7552 USD
Common	Buy Transaction	6	4.7567 USD
Common	Buy Transaction	1,502	4.7603 USD
Common	Buy Transaction	107	4.7609 USD
Common	Buy Transaction	1,337	4.7691 USD
Common	Buy Transaction	155	4.7700 USD
Common	Buy Transaction	6,113	4.7711 USD
Common	Buy Transaction	2,075	4.7730 USD
Common	Buy Transaction	201	4.7746 USD
Common	Buy Transaction	300	4.7800 USD
Common	Buy Transaction	300	4.7833 USD
Common	Buy Transaction	1,390	4.7854 USD
Common	Buy Transaction	670	4.7873 USD
Common	Buy Transaction	3,082	4.7892 USD
Common	Buy Transaction	1,712	4.7925 USD
Common	Buy Transaction	1	4.7933 USD
Common	Buy Transaction	1,212	4.7934 USD
Common	Buy Transaction	3,286	4.7935 USD
Common	Buy Transaction	40	4.7950 USD
Common	Buy Transaction	542	4.7954 USD
Common	Buy Transaction	8,226	4.7976 USD
Common	Buy Transaction	1,587	4.8034 USD
Common	Buy Transaction	529	4.8034 USD
Common	Buy Transaction	781	4.8061 USD
Common	Buy Transaction	4,974	4.8086 USD
Common	Buy Transaction	10,036	4.8100 USD
Common	Buy Transaction	103	4.8112 USD
Common	Buy Transaction	300	4.8167 USD
Common	Buy Transaction	200	4.8200 USD
Common	Buy Transaction	1,257	4.8294 USD
Common	Buy Transaction	1,114	4.8358 USD
Common	Buy Transaction	1,621	4.8442 USD
Common	Buy Transaction	200	4.8453 USD
Common	Buy Transaction	4,800	4.8463 USD
Common	Buy Transaction	1,382	4.8479 USD
Common	Buy Transaction	314	4.8543 USD
Common	Buy Transaction	842	4.8557 USD
Common	Buy Transaction	974	4.8585 USD
Common	Buy Transaction	764	4.8632 USD
Common	Buy Transaction	477	4.8732 USD
Common	Buy Transaction	390	4.8793 USD
Common	Buy Transaction	254	4.8800 USD
Common	Buy Transaction	545	4.8839 USD
Common	Buy Transaction	700	4.8850 USD
Common	Buy Transaction	226	4.8856 USD
Common	Buy Transaction	369	4.8881 USD
Common	Buy Transaction	195	4.8900 USD
Common	Buy Transaction	202	4.8950 USD
Common	Buy Transaction	409	4.9000 USD
Common	Sell Transaction	75,351	4.6400 USD
Common	Sell Transaction	5,103	4.6500 USD
Common	Sell Transaction	312	4.6527 USD
Common	Sell Transaction	809	4.6528 USD
Common	Sell Transaction	400	4.6550 USD
Common	Sell Transaction	3	4.6600 USD
Common	Sell Transaction	245	4.6629 USD
Common	Sell Transaction	744	4.6640 USD
Common	Sell Transaction	1,942	4.6695 USD
Common	Sell Transaction	720	4.6700 USD
Common	Sell Transaction	5,188	4.6712 USD
Common	Sell Transaction	600	4.6733 USD
Common	Sell Transaction	1,681	4.6754 USD
Common	Sell Transaction	984	4.6777 USD
Common	Sell Transaction	172	4.6784 USD
Common	Sell Transaction	0	4.6891 USD
Common	Sell Transaction	883	4.6900 USD
Common	Sell Transaction	1,352	4.6909 USD
Common	Sell Transaction	5,414	4.7028 USD
Common	Sell Transaction	4,125	4.7036 USD
Common	Sell Transaction	378	4.7063 USD
Common	Sell Transaction	25	4.7092 USD
Common	Sell Transaction	200	4.7100 USD
Common	Sell Transaction	500	4.7120 USD
Common	Sell Transaction	1,560	4.7123 USD
Common	Sell Transaction	830	4.7126 USD
Common	Sell Transaction	585	4.7143 USD
Common	Sell Transaction	493	4.7200 USD
Common	Sell Transaction	1,007	4.7201 USD
Common	Sell Transaction	7,381	4.7239 USD
Common	Sell Transaction	3,100	4.7255 USD
Common	Sell Transaction	1,403	4.7271 USD
Common	Sell Transaction	2,663	4.7272 USD
Common	Sell Transaction	500	4.7280 USD
Common	Sell Transaction	7,756	4.7287 USD
Common	Sell Transaction	800	4.7294 USD
Common	Sell Transaction	19,633	4.7300 USD
Common	Sell Transaction	1,847	4.7300 USD
Common	Sell Transaction	700	4.7307 USD
Common	Sell Transaction	2,119	4.7307 USD
Common	Sell Transaction	3,108	4.7308 USD
Common	Sell Transaction	4,134	4.7317 USD
Common	Sell Transaction	4,623	4.7327 USD
Common	Sell Transaction	17,058	4.7332 USD
Common	Sell Transaction	576	4.7335 USD
Common	Sell Transaction	3,244	4.7336 USD
Common	Sell Transaction	8,013	4.7340 USD
Common	Sell Transaction	1,500	4.7350 USD
Common	Sell Transaction	11,920	4.7351 USD
Common	Sell Transaction	1,088	4.7357 USD
Common	Sell Transaction	1,306	4.7376 USD
Common	Sell Transaction	66	4.7400 USD
Common	Sell Transaction	5,113	4.7427 USD
Common	Sell Transaction	306	4.7429 USD
Common	Sell Transaction	400	4.7438 USD
Common	Sell Transaction	500	4.7440 USD
Common	Sell Transaction	1,200	4.7442 USD
Common	Sell Transaction	1,820	4.7467 USD
Common	Sell Transaction	1,600	4.7475 USD
Common	Sell Transaction	106	4.7490 USD
Common	Sell Transaction	200	4.7500 USD
Common	Sell Transaction	400	4.7525 USD
Common	Sell Transaction	502	4.7558 USD
Common	Sell Transaction	1,280	4.7572 USD
Common	Sell Transaction	1,400	4.7600 USD
Common	Sell Transaction	881	4.7650 USD
Common	Sell Transaction	771	4.7706 USD
Common	Sell Transaction	1,500	4.7740 USD
Common	Sell Transaction	3,415	4.7853 USD
Common	Sell Transaction	5,047	4.7897 USD
Common	Sell Transaction	300	4.7967 USD
Common	Sell Transaction	681	4.7983 USD
Common	Sell Transaction	154	4.7986 USD
Common	Sell Transaction	2,983	4.8003 USD
Common	Sell Transaction	1,800	4.8033 USD
Common	Sell Transaction	401	4.8077 USD
Common	Sell Transaction	5,700	4.8089 USD
Common	Sell Transaction	302	4.8403 USD
Common	Sell Transaction	900	4.8500 USD
Common	Sell Transaction	200	4.8850 USD
Common	Sell Transaction	500	4.8900 USD
Common	Sell Transaction	694	4.8950 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	2,485	4.6415 USD
Common	CFD	Reducing long position	600	4.6475 USD
Common	CFD	Reducing long position	33,913	4.6963 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	2,000	5.0000 USD	American	2026-01-16	0.8500 USD
Common	Call Option	Sell Transaction	1,000	5.0000 USD	American	2025-10-17	0.4600 USD
Common	Call Option	Sell Transaction	500	4.0000 USD	American	2025-08-15	0.8500 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:	30 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	-201,500	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Call Option	Purchased	18,800	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	600	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
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	Call Option	Sold	-117,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-36,900	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-300	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	10.0 USD	American	17/07/2026
Common	Put Option	Sold	88,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-138,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-700	4.0 USD	American	15/08/2025
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	-1,400	4.0 USD	American	16/01/2026

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 .