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	19 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:	1,134,041	0.95	542,783	0.45
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	224,200	0.18	615,300	0.51
TOTAL:	1,358,241	1.14	1,158,083	0.97

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	85	5.5000 USD
Common	Buy Transaction	475	5.5100 USD
Common	Buy Transaction	1,774	5.5318 USD
Common	Buy Transaction	1,352	5.5334 USD
Common	Buy Transaction	300	5.5350 USD
Common	Buy Transaction	148	5.5394 USD
Common	Buy Transaction	1,544	5.5400 USD
Common	Buy Transaction	1,110	5.5402 USD
Common	Buy Transaction	37	5.5414 USD
Common	Buy Transaction	356	5.5431 USD
Common	Buy Transaction	2,449	5.5500 USD
Common	Buy Transaction	200	5.5550 USD
Common	Buy Transaction	600	5.5567 USD
Common	Buy Transaction	2,568	5.5593 USD
Common	Buy Transaction	674	5.5600 USD
Common	Buy Transaction	205	5.5602 USD
Common	Buy Transaction	21	5.5619 USD
Common	Buy Transaction	334	5.5619 USD
Common	Buy Transaction	251	5.5621 USD
Common	Buy Transaction	4,843	5.5638 USD
Common	Buy Transaction	4,818	5.5647 USD
Common	Buy Transaction	721	5.5649 USD
Common	Buy Transaction	10	5.5650 USD
Common	Buy Transaction	1,601	5.5681 USD
Common	Buy Transaction	288	5.5694 USD
Common	Buy Transaction	1	5.5700 USD
Common	Buy Transaction	761	5.5708 USD
Common	Buy Transaction	48	5.5708 USD
Common	Buy Transaction	610	5.5726 USD
Common	Buy Transaction	340	5.5729 USD
Common	Buy Transaction	192	5.5735 USD
Common	Buy Transaction	31	5.5752 USD
Common	Buy Transaction	1,406	5.5754 USD
Common	Buy Transaction	3,084	5.5766 USD
Common	Buy Transaction	865	5.5767 USD
Common	Buy Transaction	2,128	5.5772 USD
Common	Buy Transaction	200	5.5775 USD
Common	Buy Transaction	1,870	5.5778 USD
Common	Buy Transaction	1,848	5.5790 USD
Common	Buy Transaction	1,801	5.5794 USD
Common	Buy Transaction	1,150	5.5798 USD
Common	Buy Transaction	4,877	5.5800 USD
Common	Buy Transaction	4,343	5.5801 USD
Common	Buy Transaction	1,271	5.5812 USD
Common	Buy Transaction	4,130	5.5812 USD
Common	Buy Transaction	80	5.5812 USD
Common	Buy Transaction	1,307	5.5815 USD
Common	Buy Transaction	2,683	5.5824 USD
Common	Buy Transaction	2,693	5.5834 USD
Common	Buy Transaction	2,500	5.5872 USD
Common	Buy Transaction	1,947	5.5872 USD
Common	Buy Transaction	1,219	5.5887 USD
Common	Buy Transaction	1,500	5.5893 USD
Common	Buy Transaction	100	5.5900 USD
Common	Buy Transaction	10,000	5.5924 USD
Common	Buy Transaction	600	5.5950 USD
Common	Buy Transaction	2,017	5.5957 USD
Common	Buy Transaction	7,399	5.5969 USD
Common	Buy Transaction	24,842	5.6000 USD
Common	Buy Transaction	230	5.6013 USD
Common	Buy Transaction	1,385	5.6034 USD
Common	Buy Transaction	4,101	5.6061 USD
Common	Buy Transaction	1	5.6068 USD
Common	Buy Transaction	1	5.6122 USD
Common	Buy Transaction	9,000	5.6150 USD
Common	Buy Transaction	1,844	5.6180 USD
Common	Buy Transaction	200	5.6200 USD
Common	Buy Transaction	1	5.6233 USD
Common	Buy Transaction	20	5.6250 USD
Common	Buy Transaction	114	5.6400 USD
Common	Buy Transaction	116	5.6421 USD
Common	Buy Transaction	500	5.6470 USD
Common	Buy Transaction	228	5.6500 USD
Common	Buy Transaction	441	5.6596 USD
Common	Buy Transaction	100	5.6600 USD
Common	Sell Transaction	123	5.5000 USD
Common	Sell Transaction	2	5.5050 USD
Common	Sell Transaction	1,676	5.5100 USD
Common	Sell Transaction	3	5.5300 USD
Common	Sell Transaction	404	5.5333 USD
Common	Sell Transaction	1,803	5.5465 USD
Common	Sell Transaction	4,162	5.5500 USD
Common	Sell Transaction	2,000	5.5500 USD
Common	Sell Transaction	414	5.5544 USD
Common	Sell Transaction	138	5.5551 USD
Common	Sell Transaction	802	5.5600 USD
Common	Sell Transaction	186	5.5601 USD
Common	Sell Transaction	200	5.5601 USD
Common	Sell Transaction	428	5.5605 USD
Common	Sell Transaction	3,238	5.5627 USD
Common	Sell Transaction	7,729	5.5632 USD
Common	Sell Transaction	834	5.5639 USD
Common	Sell Transaction	1,599	5.5650 USD
Common	Sell Transaction	100	5.5650 USD
Common	Sell Transaction	806	5.5664 USD
Common	Sell Transaction	5,324	5.5665 USD
Common	Sell Transaction	1,892	5.5667 USD
Common	Sell Transaction	137	5.5678 USD
Common	Sell Transaction	5,307	5.5683 USD
Common	Sell Transaction	1,300	5.5685 USD
Common	Sell Transaction	6,360	5.5686 USD
Common	Sell Transaction	2,472	5.5691 USD
Common	Sell Transaction	2,991	5.5697 USD
Common	Sell Transaction	89	5.5699 USD
Common	Sell Transaction	3,053	5.5700 USD
Common	Sell Transaction	87	5.5703 USD
Common	Sell Transaction	568	5.5708 USD
Common	Sell Transaction	1,907	5.5721 USD
Common	Sell Transaction	3,779	5.5722 USD
Common	Sell Transaction	96	5.5731 USD
Common	Sell Transaction	1,608	5.5732 USD
Common	Sell Transaction	1	5.5750 USD
Common	Sell Transaction	19	5.5753 USD
Common	Sell Transaction	2,308	5.5754 USD
Common	Sell Transaction	999	5.5760 USD
Common	Sell Transaction	621	5.5765 USD
Common	Sell Transaction	625	5.5767 USD
Common	Sell Transaction	305	5.5772 USD
Common	Sell Transaction	7,474	5.5774 USD
Common	Sell Transaction	400	5.5775 USD
Common	Sell Transaction	1,201	5.5775 USD
Common	Sell Transaction	1,000	5.5780 USD
Common	Sell Transaction	2,565	5.5783 USD
Common	Sell Transaction	145	5.5786 USD
Common	Sell Transaction	230	5.5787 USD
Common	Sell Transaction	1,855	5.5800 USD
Common	Sell Transaction	7,194	5.5800 USD
Common	Sell Transaction	2,180	5.5802 USD
Common	Sell Transaction	126	5.5803 USD
Common	Sell Transaction	3,463	5.5804 USD
Common	Sell Transaction	112	5.5817 USD
Common	Sell Transaction	3,331	5.5819 USD
Common	Sell Transaction	101	5.5821 USD
Common	Sell Transaction	1,892	5.5829 USD
Common	Sell Transaction	300	5.5833 USD
Common	Sell Transaction	2,140	5.5834 USD
Common	Sell Transaction	1,120	5.5842 USD
Common	Sell Transaction	196	5.5849 USD
Common	Sell Transaction	800	5.5850 USD
Common	Sell Transaction	800	5.5850 USD
Common	Sell Transaction	361	5.5850 USD
Common	Sell Transaction	11	5.5855 USD
Common	Sell Transaction	961	5.5861 USD
Common	Sell Transaction	3,248	5.5861 USD
Common	Sell Transaction	1,790	5.5866 USD
Common	Sell Transaction	1,703	5.5876 USD
Common	Sell Transaction	827	5.5878 USD
Common	Sell Transaction	3,791	5.5879 USD
Common	Sell Transaction	6	5.5883 USD
Common	Sell Transaction	2,918	5.5884 USD
Common	Sell Transaction	1	5.5889 USD
Common	Sell Transaction	1,970	5.5890 USD
Common	Sell Transaction	1,172	5.5893 USD
Common	Sell Transaction	185	5.5893 USD
Common	Sell Transaction	305	5.5895 USD
Common	Sell Transaction	544	5.5900 USD
Common	Sell Transaction	881	5.5900 USD
Common	Sell Transaction	3,659	5.5903 USD
Common	Sell Transaction	3,618	5.5904 USD
Common	Sell Transaction	538	5.5904 USD
Common	Sell Transaction	1,100	5.5909 USD
Common	Sell Transaction	855	5.5910 USD
Common	Sell Transaction	672	5.5915 USD
Common	Sell Transaction	476	5.5917 USD
Common	Sell Transaction	3,900	5.5918 USD
Common	Sell Transaction	3,707	5.5920 USD
Common	Sell Transaction	1,044	5.5920 USD
Common	Sell Transaction	5,472	5.5925 USD
Common	Sell Transaction	556	5.5926 USD
Common	Sell Transaction	1,069	5.5926 USD
Common	Sell Transaction	348	5.5928 USD
Common	Sell Transaction	370	5.5936 USD
Common	Sell Transaction	355	5.5942 USD
Common	Sell Transaction	1,280	5.5950 USD
Common	Sell Transaction	102	5.5959 USD
Common	Sell Transaction	358	5.5963 USD
Common	Sell Transaction	8,168	5.5968 USD
Common	Sell Transaction	506	5.5973 USD
Common	Sell Transaction	789	5.5988 USD
Common	Sell Transaction	4,800	5.5996 USD
Common	Sell Transaction	5,135	5.5997 USD
Common	Sell Transaction	25,742	5.6000 USD
Common	Sell Transaction	301	5.6001 USD
Common	Sell Transaction	3,660	5.6003 USD
Common	Sell Transaction	865	5.6011 USD
Common	Sell Transaction	1,604	5.6012 USD
Common	Sell Transaction	964	5.6013 USD
Common	Sell Transaction	1,928	5.6015 USD
Common	Sell Transaction	345	5.6016 USD
Common	Sell Transaction	16,025	5.6018 USD
Common	Sell Transaction	300	5.6033 USD
Common	Sell Transaction	537	5.6064 USD
Common	Sell Transaction	400	5.6075 USD
Common	Sell Transaction	444	5.6092 USD
Common	Sell Transaction	300	5.6100 USD
Common	Sell Transaction	1,017	5.6121 USD
Common	Sell Transaction	10	5.6150 USD
Common	Sell Transaction	600	5.6183 USD
Common	Sell Transaction	200	5.6200 USD
Common	Sell Transaction	353	5.6233 USD
Common	Sell Transaction	290	5.6259 USD
Common	Sell Transaction	609	5.6315 USD
Common	Sell Transaction	607	5.6354 USD
Common	Sell Transaction	434	5.6389 USD
Common	Sell Transaction	39	5.6400 USD
Common	Sell Transaction	500	5.6450 USD
Common	Sell Transaction	1,239	5.6500 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	Put Option	Buy Transaction	100	4.0000 USD	American	2026-01-16	0.2500 USD
Common	Call Option	Buy Transaction	500	6.0000 USD	American	2025-10-17	0.3000 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2025-10-17	0.3200 USD
Common	Call Option	Buy Transaction	500	5.0000 USD	American	2025-10-17	0.8000 USD
Common	Call Option	Buy Transaction	100	4.0000 USD	American	2025-10-17	1.6500 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-09-19	0.1900 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-09-19	0.2000 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:	20 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	100	4.0 USD	American	19/09/2025
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	22,000	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-215,100	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-1,400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,000	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	35,900	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,700	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	1,500	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	41,900	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	100	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	6,200	6.0 USD	American	19/09/2025
Common	Put Option	Sold	500	6.0 USD	American	19/09/2025
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-54,100	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-131,500	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Put Option	Sold	92,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-41,600	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-107,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
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 .