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	30 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:	1,470,879	1.23	494,991	0.41
(2) Cash-settled derivatives:	249,010	0.20	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	203,300	0.17	593,700	0.50
TOTAL:	1,923,189	1.62	1,088,691	0.91

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	2	4.3900 USD
Common	Buy Transaction	92	4.3950 USD
Common	Buy Transaction	664	4.3968 USD
Common	Buy Transaction	836	4.3973 USD
Common	Buy Transaction	12,100	4.4050 USD
Common	Buy Transaction	2,500	4.4090 USD
Common	Buy Transaction	826	4.4093 USD
Common	Buy Transaction	546	4.4100 USD
Common	Buy Transaction	1,144	4.4100 USD
Common	Buy Transaction	460	4.4150 USD
Common	Buy Transaction	72,676	4.4200 USD
Common	Buy Transaction	62	4.4307 USD
Common	Buy Transaction	550	4.4310 USD
Common	Buy Transaction	102	4.4311 USD
Common	Buy Transaction	20	4.4360 USD
Common	Buy Transaction	16	4.4400 USD
Common	Buy Transaction	1,800	4.4417 USD
Common	Buy Transaction	53	4.4428 USD
Common	Buy Transaction	13,396	4.4438 USD
Common	Buy Transaction	77	4.4462 USD
Common	Buy Transaction	1,090	4.4468 USD
Common	Buy Transaction	333	4.4472 USD
Common	Buy Transaction	837	4.4500 USD
Common	Buy Transaction	72	4.4506 USD
Common	Buy Transaction	2	4.4579 USD
Common	Buy Transaction	1,315	4.4591 USD
Common	Buy Transaction	3,282	4.4597 USD
Common	Buy Transaction	2,353	4.4597 USD
Common	Buy Transaction	134	4.4600 USD
Common	Buy Transaction	2,911	4.4603 USD
Common	Buy Transaction	87	4.4660 USD
Common	Buy Transaction	700	4.4664 USD
Common	Buy Transaction	500	4.4690 USD
Common	Buy Transaction	2,718	4.4700 USD
Common	Buy Transaction	222	4.4705 USD
Common	Buy Transaction	92	4.4712 USD
Common	Buy Transaction	292	4.4724 USD
Common	Buy Transaction	96	4.4740 USD
Common	Buy Transaction	4,536	4.4779 USD
Common	Buy Transaction	140	4.4786 USD
Common	Buy Transaction	3,825	4.4816 USD
Common	Buy Transaction	900	4.4822 USD
Common	Buy Transaction	615	4.4822 USD
Common	Buy Transaction	827	4.4828 USD
Common	Buy Transaction	1,600	4.4831 USD
Common	Buy Transaction	466	4.4847 USD
Common	Buy Transaction	960	4.4851 USD
Common	Buy Transaction	530	4.4882 USD
Common	Buy Transaction	550	4.4887 USD
Common	Buy Transaction	1,595	4.4900 USD
Common	Buy Transaction	653	4.4908 USD
Common	Buy Transaction	2,230	4.4909 USD
Common	Buy Transaction	537	4.4921 USD
Common	Buy Transaction	54	4.4922 USD
Common	Buy Transaction	3,761	4.4933 USD
Common	Buy Transaction	7,132	4.4936 USD
Common	Buy Transaction	1,771	4.4939 USD
Common	Buy Transaction	857	4.4940 USD
Common	Buy Transaction	5,225	4.4948 USD
Common	Buy Transaction	200	4.4950 USD
Common	Buy Transaction	539	4.4966 USD
Common	Buy Transaction	461	4.4991 USD
Common	Buy Transaction	795	4.5005 USD
Common	Buy Transaction	3,170	4.5017 USD
Common	Buy Transaction	5,034	4.5019 USD
Common	Buy Transaction	2,730	4.5034 USD
Common	Buy Transaction	5,918	4.5042 USD
Common	Buy Transaction	11	4.5064 USD
Common	Buy Transaction	219	4.5065 USD
Common	Buy Transaction	2,733	4.5071 USD
Common	Buy Transaction	704	4.5080 USD
Common	Buy Transaction	120	4.5083 USD
Common	Buy Transaction	1,905	4.5084 USD
Common	Buy Transaction	13,923	4.5086 USD
Common	Buy Transaction	91	4.5089 USD
Common	Buy Transaction	210	4.5100 USD
Common	Buy Transaction	500	4.5140 USD
Common	Buy Transaction	112	4.5145 USD
Common	Buy Transaction	1,163	4.5149 USD
Common	Buy Transaction	1,620	4.5163 USD
Common	Buy Transaction	1,462	4.5164 USD
Common	Buy Transaction	300	4.5167 USD
Common	Buy Transaction	1,316	4.5173 USD
Common	Buy Transaction	600	4.5183 USD
Common	Buy Transaction	1,576	4.5195 USD
Common	Buy Transaction	1,611	4.5197 USD
Common	Buy Transaction	3,100	4.5197 USD
Common	Buy Transaction	960	4.5199 USD
Common	Buy Transaction	5,795	4.5200 USD
Common	Buy Transaction	564	4.5201 USD
Common	Buy Transaction	900	4.5233 USD
Common	Buy Transaction	1,187	4.5239 USD
Common	Buy Transaction	182	4.5245 USD
Common	Buy Transaction	200	4.5250 USD
Common	Buy Transaction	3,472	4.5255 USD
Common	Buy Transaction	600	4.5267 USD
Common	Buy Transaction	2,359	4.5267 USD
Common	Buy Transaction	1	4.5285 USD
Common	Buy Transaction	467	4.5300 USD
Common	Buy Transaction	6,330	4.5310 USD
Common	Buy Transaction	200	4.5325 USD
Common	Buy Transaction	703	4.5342 USD
Common	Buy Transaction	9,770	4.5370 USD
Common	Buy Transaction	381	4.5393 USD
Common	Buy Transaction	141	4.5400 USD
Common	Buy Transaction	200	4.5450 USD
Common	Buy Transaction	1,604	4.5451 USD
Common	Buy Transaction	500	4.5460 USD
Common	Buy Transaction	23,510	4.5484 USD
Common	Buy Transaction	14,800	4.5494 USD
Common	Buy Transaction	745	4.5500 USD
Common	Buy Transaction	500	4.5520 USD
Common	Buy Transaction	1,300	4.5538 USD
Common	Buy Transaction	893	4.5570 USD
Common	Buy Transaction	101	4.5596 USD
Common	Buy Transaction	456	4.5650 USD
Common	Buy Transaction	273	4.5650 USD
Common	Buy Transaction	1,404	4.5670 USD
Common	Buy Transaction	4,743	4.5670 USD
Common	Buy Transaction	952	4.5700 USD
Common	Buy Transaction	600	4.5750 USD
Common	Buy Transaction	645	4.5800 USD
Common	Buy Transaction	1,000	4.6000 USD
Common	Buy Transaction	1,047	4.6003 USD
Common	Buy Transaction	103	4.6077 USD
Common	Buy Transaction	48	4.6100 USD
Common	Buy Transaction	1	4.6200 USD
Common	Sell Transaction	3,452	4.3989 USD
Common	Sell Transaction	1,600	4.4100 USD
Common	Sell Transaction	500	4.4180 USD
Common	Sell Transaction	69,359	4.4200 USD
Common	Sell Transaction	582	4.4250 USD
Common	Sell Transaction	31	4.4307 USD
Common	Sell Transaction	3,227	4.4352 USD
Common	Sell Transaction	2,443	4.4391 USD
Common	Sell Transaction	1,334	4.4400 USD
Common	Sell Transaction	112	4.4413 USD
Common	Sell Transaction	1,295	4.4440 USD
Common	Sell Transaction	400	4.4445 USD
Common	Sell Transaction	1,057	4.4485 USD
Common	Sell Transaction	13,060	4.4489 USD
Common	Sell Transaction	327	4.4507 USD
Common	Sell Transaction	12,100	4.4509 USD
Common	Sell Transaction	993	4.4547 USD
Common	Sell Transaction	584	4.4572 USD
Common	Sell Transaction	1,886	4.4572 USD
Common	Sell Transaction	36	4.4592 USD
Common	Sell Transaction	14	4.4593 USD
Common	Sell Transaction	10	4.4600 USD
Common	Sell Transaction	1,411	4.4604 USD
Common	Sell Transaction	1,322	4.4605 USD
Common	Sell Transaction	1,589	4.4633 USD
Common	Sell Transaction	212	4.4652 USD
Common	Sell Transaction	1,309	4.4690 USD
Common	Sell Transaction	2,334	4.4694 USD
Common	Sell Transaction	1	4.4700 USD
Common	Sell Transaction	307	4.4711 USD
Common	Sell Transaction	4,800	4.4715 USD
Common	Sell Transaction	12,408	4.4781 USD
Common	Sell Transaction	1,337	4.4800 USD
Common	Sell Transaction	584	4.4807 USD
Common	Sell Transaction	1,567	4.4815 USD
Common	Sell Transaction	36	4.4822 USD
Common	Sell Transaction	2,400	4.4825 USD
Common	Sell Transaction	494	4.4827 USD
Common	Sell Transaction	9,029	4.4844 USD
Common	Sell Transaction	3,000	4.4850 USD
Common	Sell Transaction	440	4.4855 USD
Common	Sell Transaction	4,137	4.4862 USD
Common	Sell Transaction	300	4.4867 USD
Common	Sell Transaction	540	4.4870 USD
Common	Sell Transaction	30	4.4890 USD
Common	Sell Transaction	498	4.4900 USD
Common	Sell Transaction	740	4.4905 USD
Common	Sell Transaction	904	4.4917 USD
Common	Sell Transaction	16	4.4919 USD
Common	Sell Transaction	1,100	4.4921 USD
Common	Sell Transaction	11,356	4.4926 USD
Common	Sell Transaction	4,491	4.4927 USD
Common	Sell Transaction	646	4.4935 USD
Common	Sell Transaction	1,300	4.4946 USD
Common	Sell Transaction	700	4.4950 USD
Common	Sell Transaction	8,600	4.4957 USD
Common	Sell Transaction	13,609	4.4959 USD
Common	Sell Transaction	10,323	4.4963 USD
Common	Sell Transaction	2,300	4.4970 USD
Common	Sell Transaction	7,298	4.5000 USD
Common	Sell Transaction	803	4.5000 USD
Common	Sell Transaction	300	4.5033 USD
Common	Sell Transaction	2,042	4.5040 USD
Common	Sell Transaction	11,920	4.5064 USD
Common	Sell Transaction	13,070	4.5126 USD
Common	Sell Transaction	901	4.5143 USD
Common	Sell Transaction	1,422	4.5156 USD
Common	Sell Transaction	1,015	4.5192 USD
Common	Sell Transaction	18	4.5200 USD
Common	Sell Transaction	400	4.5250 USD
Common	Sell Transaction	500	4.5280 USD
Common	Sell Transaction	611	4.5291 USD
Common	Sell Transaction	24	4.5296 USD
Common	Sell Transaction	600	4.5300 USD
Common	Sell Transaction	1,530	4.5312 USD
Common	Sell Transaction	8,852	4.5313 USD
Common	Sell Transaction	708	4.5316 USD
Common	Sell Transaction	5,784	4.5323 USD
Common	Sell Transaction	12,786	4.5329 USD
Common	Sell Transaction	1,770	4.5344 USD
Common	Sell Transaction	4,149	4.5365 USD
Common	Sell Transaction	224	4.5366 USD
Common	Sell Transaction	230	4.5382 USD
Common	Sell Transaction	2,293	4.5444 USD
Common	Sell Transaction	1,473	4.5458 USD
Common	Sell Transaction	8	4.5488 USD
Common	Sell Transaction	221	4.5491 USD
Common	Sell Transaction	1,000	4.5494 USD
Common	Sell Transaction	3,527	4.5500 USD
Common	Sell Transaction	900	4.5550 USD
Common	Sell Transaction	32,600	4.5581 USD
Common	Sell Transaction	1,387	4.5587 USD
Common	Sell Transaction	2,000	4.5637 USD
Common	Sell Transaction	755	4.5650 USD
Common	Sell Transaction	129	4.5690 USD
Common	Sell Transaction	107	4.5695 USD
Common	Sell Transaction	1,200	4.5700 USD
Common	Sell Transaction	2,020	4.5759 USD
Common	Sell Transaction	233	4.5800 USD
Common	Sell Transaction	797	4.5800 USD
Common	Sell Transaction	4	4.5825 USD
Common	Sell Transaction	887	4.5850 USD
Common	Sell Transaction	622	4.5890 USD
Common	Sell Transaction	4,292	4.5900 USD
Common	Sell Transaction	2,513	4.5928 USD
Common	Sell Transaction	1,275	4.5932 USD
Common	Sell Transaction	900	4.5950 USD
Common	Sell Transaction	183	4.5989 USD
Common	Sell Transaction	708	4.5998 USD
Common	Sell Transaction	871	4.6000 USD
Common	Sell Transaction	1,022	4.6025 USD
Common	Sell Transaction	1,029	4.6029 USD
Common	Sell Transaction	918	4.6029 USD
Common	Sell Transaction	154	4.6054 USD
Common	Sell Transaction	1,298	4.6072 USD
Common	Sell Transaction	978	4.6100 USD
Common	Sell Transaction	21	4.6557 USD
Common	Sell Transaction	0	4.6559 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	8,876	4.4815 USD
Common	CFD	Reducing long position	3,548	4.4816 USD
Common	CFD	Reducing long position	5,449	4.5146 USD
Common	CFD	Reducing long position	49,597	4.5214 USD
Common	CFD	Reducing long position	400	4.5650 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	5.0000 USD	American	2025-08-15	0.1000 USD
Common	Call Option	Buy Transaction	1,000	5.0000 USD	American	2025-10-17	0.4000 USD
Common	Put Option	Buy Transaction	400	5.0000 USD	American	2025-09-19	0.7500 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2025-08-15	0.1800 USD
Common	Put Option	Sell Transaction	100	4.0000 USD	American	2026-01-16	0.5000 USD
Common	Call Option	Sell Transaction	500	4.0000 USD	American	2025-08-15	0.6500 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:	31 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	600	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-1,000	6.0 USD	American	15/08/2025
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-201,400	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	4,900	5.0 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	17/10/2025
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	-200	7.0 USD	American	15/08/2025
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,200	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-600	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-137,700	5.0 USD	American	17/10/2025
Common	Put Option	Sold	88,700	5.0 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	Call Option	Sold	-117,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-36,900	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-300	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,200	4.0 USD	American	15/08/2025
Common	Call Option	Sold	-100	1.0 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 .