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	18 August 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:	1,142,053	0.96	449,700	0.37
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	226,900	0.19	615,700	0.51
TOTAL:	1,368,953	1.15	1,065,400	0.89

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	200	5.4650 USD
Common	Buy Transaction	1	5.4681 USD
Common	Buy Transaction	25	5.4952 USD
Common	Buy Transaction	10	5.4970 USD
Common	Buy Transaction	87	5.5000 USD
Common	Buy Transaction	5	5.5020 USD
Common	Buy Transaction	1,013	5.5044 USD
Common	Buy Transaction	4,000	5.5044 USD
Common	Buy Transaction	7,000	5.5100 USD
Common	Buy Transaction	500	5.5112 USD
Common	Buy Transaction	216	5.5178 USD
Common	Buy Transaction	2,446	5.5242 USD
Common	Buy Transaction	100	5.5250 USD
Common	Buy Transaction	600	5.5267 USD
Common	Buy Transaction	260	5.5272 USD
Common	Buy Transaction	600	5.5300 USD
Common	Buy Transaction	76	5.5382 USD
Common	Buy Transaction	127	5.5385 USD
Common	Buy Transaction	115	5.5389 USD
Common	Buy Transaction	66	5.5408 USD
Common	Buy Transaction	42	5.5412 USD
Common	Buy Transaction	7,181	5.5419 USD
Common	Buy Transaction	334	5.5422 USD
Common	Buy Transaction	422	5.5429 USD
Common	Buy Transaction	15	5.5433 USD
Common	Buy Transaction	37	5.5451 USD
Common	Buy Transaction	6,143	5.5480 USD
Common	Buy Transaction	181,223	5.5500 USD
Common	Buy Transaction	397	5.5506 USD
Common	Buy Transaction	100	5.5510 USD
Common	Buy Transaction	4,201	5.5542 USD
Common	Buy Transaction	30	5.5550 USD
Common	Buy Transaction	10,371	5.5556 USD
Common	Buy Transaction	820	5.5578 USD
Common	Buy Transaction	1,576	5.5579 USD
Common	Buy Transaction	1,000	5.5600 USD
Common	Buy Transaction	1,600	5.5694 USD
Common	Buy Transaction	2,106	5.5699 USD
Common	Buy Transaction	7,634	5.5700 USD
Common	Buy Transaction	2,300	5.5748 USD
Common	Buy Transaction	700	5.5750 USD
Common	Buy Transaction	5,114	5.5752 USD
Common	Buy Transaction	2,114	5.5790 USD
Common	Buy Transaction	1,644	5.5796 USD
Common	Buy Transaction	1,509	5.5805 USD
Common	Buy Transaction	978	5.5808 USD
Common	Buy Transaction	3,082	5.5818 USD
Common	Buy Transaction	400	5.5825 USD
Common	Buy Transaction	900	5.5861 USD
Common	Buy Transaction	2,419	5.5882 USD
Common	Buy Transaction	2,489	5.5893 USD
Common	Buy Transaction	10	5.5900 USD
Common	Buy Transaction	1,015	5.5911 USD
Common	Buy Transaction	6,847	5.5926 USD
Common	Buy Transaction	2,544	5.5938 USD
Common	Buy Transaction	9	5.5950 USD
Common	Buy Transaction	1	5.5958 USD
Common	Buy Transaction	3,000	5.5976 USD
Common	Buy Transaction	41	5.5990 USD
Common	Buy Transaction	4,485	5.6009 USD
Common	Buy Transaction	432	5.6012 USD
Common	Buy Transaction	2,210	5.6025 USD
Common	Buy Transaction	6,865	5.6040 USD
Common	Buy Transaction	2	5.6049 USD
Common	Buy Transaction	800	5.6063 USD
Common	Buy Transaction	100	5.6080 USD
Common	Buy Transaction	16,460	5.6093 USD
Common	Buy Transaction	290	5.6108 USD
Common	Buy Transaction	1,300	5.6115 USD
Common	Buy Transaction	228	5.6131 USD
Common	Buy Transaction	6,703	5.6158 USD
Common	Buy Transaction	600	5.6183 USD
Common	Buy Transaction	445	5.6200 USD
Common	Buy Transaction	2,391	5.6202 USD
Common	Buy Transaction	500	5.6220 USD
Common	Buy Transaction	16	5.6231 USD
Common	Buy Transaction	600	5.6233 USD
Common	Buy Transaction	648	5.6260 USD
Common	Buy Transaction	2,674	5.6300 USD
Common	Buy Transaction	1,100	5.6309 USD
Common	Buy Transaction	1,200	5.6350 USD
Common	Buy Transaction	36	5.6400 USD
Common	Buy Transaction	75	5.6500 USD
Common	Buy Transaction	31	5.6503 USD
Common	Buy Transaction	1,926	5.6514 USD
Common	Buy Transaction	610	5.6600 USD
Common	Buy Transaction	87	5.6620 USD
Common	Buy Transaction	101	5.6688 USD
Common	Buy Transaction	500	5.7020 USD
Common	Buy Transaction	407	5.7048 USD
Common	Buy Transaction	100	5.7050 USD
Common	Buy Transaction	501	5.7050 USD
Common	Buy Transaction	203	5.7100 USD
Common	Buy Transaction	4,712	5.7397 USD
Common	Buy Transaction	14	5.7400 USD
Common	Buy Transaction	7	5.7500 USD
Common	Buy Transaction	4,851	5.7600 USD
Common	Sell Transaction	2,500	5.4627 USD
Common	Sell Transaction	900	5.4633 USD
Common	Sell Transaction	200	5.4675 USD
Common	Sell Transaction	279	5.4700 USD
Common	Sell Transaction	164	5.4750 USD
Common	Sell Transaction	401	5.4754 USD
Common	Sell Transaction	2,827	5.4800 USD
Common	Sell Transaction	82	5.4813 USD
Common	Sell Transaction	745	5.4844 USD
Common	Sell Transaction	300	5.5050 USD
Common	Sell Transaction	18	5.5083 USD
Common	Sell Transaction	3,469	5.5086 USD
Common	Sell Transaction	10,011	5.5100 USD
Common	Sell Transaction	415	5.5119 USD
Common	Sell Transaction	6,937	5.5142 USD
Common	Sell Transaction	242	5.5196 USD
Common	Sell Transaction	6,248	5.5199 USD
Common	Sell Transaction	116	5.5200 USD
Common	Sell Transaction	2,700	5.5204 USD
Common	Sell Transaction	319	5.5216 USD
Common	Sell Transaction	1,131	5.5231 USD
Common	Sell Transaction	1,478	5.5246 USD
Common	Sell Transaction	2,696	5.5300 USD
Common	Sell Transaction	860	5.5301 USD
Common	Sell Transaction	1,252	5.5354 USD
Common	Sell Transaction	1,859	5.5354 USD
Common	Sell Transaction	2,167	5.5371 USD
Common	Sell Transaction	3,999	5.5372 USD
Common	Sell Transaction	900	5.5389 USD
Common	Sell Transaction	23	5.5400 USD
Common	Sell Transaction	689	5.5404 USD
Common	Sell Transaction	15,525	5.5426 USD
Common	Sell Transaction	54,424	5.5436 USD
Common	Sell Transaction	6,005	5.5445 USD
Common	Sell Transaction	7,500	5.5450 USD
Common	Sell Transaction	2,669	5.5450 USD
Common	Sell Transaction	1,112	5.5472 USD
Common	Sell Transaction	12,418	5.5475 USD
Common	Sell Transaction	1,555	5.5481 USD
Common	Sell Transaction	20	5.5485 USD
Common	Sell Transaction	496	5.5485 USD
Common	Sell Transaction	109	5.5490 USD
Common	Sell Transaction	182,429	5.5500 USD
Common	Sell Transaction	526	5.5511 USD
Common	Sell Transaction	2,700	5.5533 USD
Common	Sell Transaction	16,259	5.5548 USD
Common	Sell Transaction	322	5.5550 USD
Common	Sell Transaction	422	5.5554 USD
Common	Sell Transaction	802	5.5563 USD
Common	Sell Transaction	1,000	5.5565 USD
Common	Sell Transaction	18,295	5.5575 USD
Common	Sell Transaction	424	5.5577 USD
Common	Sell Transaction	2,700	5.5581 USD
Common	Sell Transaction	422	5.5583 USD
Common	Sell Transaction	4,498	5.5584 USD
Common	Sell Transaction	5,705	5.5585 USD
Common	Sell Transaction	58,275	5.5587 USD
Common	Sell Transaction	600	5.5617 USD
Common	Sell Transaction	3,351	5.5638 USD
Common	Sell Transaction	10,769	5.5639 USD
Common	Sell Transaction	3,000	5.5640 USD
Common	Sell Transaction	3,687	5.5652 USD
Common	Sell Transaction	900	5.5667 USD
Common	Sell Transaction	1,100	5.5673 USD
Common	Sell Transaction	4,296	5.5680 USD
Common	Sell Transaction	1,100	5.5682 USD
Common	Sell Transaction	1,069	5.5686 USD
Common	Sell Transaction	84	5.5687 USD
Common	Sell Transaction	7,973	5.5687 USD
Common	Sell Transaction	1,100	5.5691 USD
Common	Sell Transaction	1,062	5.5692 USD
Common	Sell Transaction	56	5.5693 USD
Common	Sell Transaction	6,500	5.5700 USD
Common	Sell Transaction	4,838	5.5711 USD
Common	Sell Transaction	3,100	5.5719 USD
Common	Sell Transaction	1,942	5.5724 USD
Common	Sell Transaction	880	5.5729 USD
Common	Sell Transaction	23,636	5.5735 USD
Common	Sell Transaction	3,844	5.5739 USD
Common	Sell Transaction	3,610	5.5742 USD
Common	Sell Transaction	1,000	5.5750 USD
Common	Sell Transaction	3,437	5.5756 USD
Common	Sell Transaction	7,838	5.5760 USD
Common	Sell Transaction	3,020	5.5762 USD
Common	Sell Transaction	1,400	5.5779 USD
Common	Sell Transaction	5,822	5.5801 USD
Common	Sell Transaction	0	5.5811 USD
Common	Sell Transaction	126	5.5850 USD
Common	Sell Transaction	69	5.5867 USD
Common	Sell Transaction	8	5.5875 USD
Common	Sell Transaction	1,737	5.5876 USD
Common	Sell Transaction	537	5.5889 USD
Common	Sell Transaction	117	5.5897 USD
Common	Sell Transaction	100	5.5900 USD
Common	Sell Transaction	1,993	5.5909 USD
Common	Sell Transaction	178	5.5933 USD
Common	Sell Transaction	50	5.5950 USD
Common	Sell Transaction	53	5.5951 USD
Common	Sell Transaction	4,060	5.5963 USD
Common	Sell Transaction	3,000	5.5976 USD
Common	Sell Transaction	217	5.5986 USD
Common	Sell Transaction	2,424	5.5989 USD
Common	Sell Transaction	905	5.6000 USD
Common	Sell Transaction	879	5.6007 USD
Common	Sell Transaction	84	5.6071 USD
Common	Sell Transaction	25,800	5.6087 USD
Common	Sell Transaction	658	5.6090 USD
Common	Sell Transaction	283	5.6096 USD
Common	Sell Transaction	254	5.6100 USD
Common	Sell Transaction	618	5.6153 USD
Common	Sell Transaction	1,000	5.6180 USD
Common	Sell Transaction	530	5.6226 USD
Common	Sell Transaction	300	5.6250 USD
Common	Sell Transaction	11	5.6282 USD
Common	Sell Transaction	4,650	5.6289 USD
Common	Sell Transaction	7,574	5.6300 USD
Common	Sell Transaction	2,800	5.6311 USD
Common	Sell Transaction	1,058	5.6343 USD
Common	Sell Transaction	2,509	5.6358 USD
Common	Sell Transaction	5,410	5.6400 USD
Common	Sell Transaction	631	5.6400 USD
Common	Sell Transaction	810	5.6401 USD
Common	Sell Transaction	1,367	5.6420 USD
Common	Sell Transaction	265	5.6421 USD
Common	Sell Transaction	286	5.6422 USD
Common	Sell Transaction	110	5.6426 USD
Common	Sell Transaction	300	5.6433 USD
Common	Sell Transaction	741	5.6434 USD
Common	Sell Transaction	574	5.6435 USD
Common	Sell Transaction	78	5.6436 USD
Common	Sell Transaction	691	5.6445 USD
Common	Sell Transaction	26	5.6450 USD
Common	Sell Transaction	227	5.6478 USD
Common	Sell Transaction	1,238	5.6500 USD
Common	Sell Transaction	4,320	5.6550 USD
Common	Sell Transaction	164	5.6561 USD
Common	Sell Transaction	100	5.6570 USD
Common	Sell Transaction	1,180	5.6600 USD
Common	Sell Transaction	1,500	5.6633 USD
Common	Sell Transaction	1,000	5.6640 USD
Common	Sell Transaction	600	5.6650 USD
Common	Sell Transaction	219	5.6689 USD
Common	Sell Transaction	1,569	5.6700 USD
Common	Sell Transaction	3	5.6733 USD
Common	Sell Transaction	458	5.6747 USD
Common	Sell Transaction	1,528	5.6800 USD
Common	Sell Transaction	300	5.6867 USD
Common	Sell Transaction	865	5.6877 USD
Common	Sell Transaction	0	5.6895 USD
Common	Sell Transaction	280	5.6896 USD
Common	Sell Transaction	871	5.6900 USD
Common	Sell Transaction	325	5.6914 USD
Common	Sell Transaction	701	5.6926 USD
Common	Sell Transaction	886	5.7000 USD
Common	Sell Transaction	900	5.7100 USD
Common	Sell Transaction	17	5.7182 USD
Common	Sell Transaction	1	5.7253 USD
Common	Sell Transaction	4	5.7275 USD
Common	Sell Transaction	26	5.7300 USD
Common	Sell Transaction	15	5.7493 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

(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	0.2200 USD
Common	Put Option	Buy Transaction	10,700	5.0000 USD	American	2026-04-17	0.6000 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-09-19	0.7000 USD
Common	Call Option	Buy Transaction	300	5.0000 USD	American	2025-10-17	0.8500 USD
Common	Call Option	Buy Transaction	7,400	5.0000 USD	American	2026-04-17	1.2500 USD
Common	Put Option	Sell Transaction	100	5.0000 USD	American	2025-10-17	0.1800 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-09-19	0.2000 USD
Common	Put Option	Sell Transaction	500	6.0000 USD	American	2025-09-19	0.5500 USD
Common	Call Option	Sell Transaction	3,200	5.0000 USD	American	2026-04-17	1.3000 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:	19 August 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	1,000	8.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,700	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	6,400	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	4,200	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	8.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	22,000	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,600	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,500	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Put Option	Purchased	-215,000	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	35,300	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	41,900	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,400	5.0 USD	American	19/09/2025
Common	Put Option	Sold	92,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-132,000	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-107,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-54,100	5.0 USD	American	16/01/2026
Common	Put Option	Sold	500	6.0 USD	American	19/09/2025
Common	Call Option	Sold	-41,600	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,700	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025

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 .