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	8 October 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:	945,704	0.79	103,329	0.08
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	481,000	0.40	1,047,500	0.88
TOTAL:	1,426,704	1.20	1,150,829	0.96

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	204	5.7600 USD
Common	Buy Transaction	1,400	5.7607 USD
Common	Buy Transaction	336	5.7649 USD
Common	Buy Transaction	200	5.7650 USD
Common	Buy Transaction	629	5.7800 USD
Common	Buy Transaction	361	5.7900 USD
Common	Buy Transaction	841	5.7921 USD
Common	Buy Transaction	1	5.8100 USD
Common	Buy Transaction	605	5.8131 USD
Common	Buy Transaction	580	5.8171 USD
Common	Buy Transaction	195	5.8187 USD
Common	Buy Transaction	8	5.8200 USD
Common	Buy Transaction	200	5.8250 USD
Common	Buy Transaction	1,515	5.8284 USD
Common	Buy Transaction	888	5.8300 USD
Common	Buy Transaction	703	5.8345 USD
Common	Buy Transaction	3,031	5.8386 USD
Common	Buy Transaction	1,027	5.8389 USD
Common	Buy Transaction	671	5.8445 USD
Common	Buy Transaction	661	5.8445 USD
Common	Buy Transaction	549	5.8451 USD
Common	Buy Transaction	625	5.8468 USD
Common	Buy Transaction	1,679	5.8471 USD
Common	Buy Transaction	2,646	5.8484 USD
Common	Buy Transaction	600	5.8486 USD
Common	Buy Transaction	319	5.8494 USD
Common	Buy Transaction	864	5.8496 USD
Common	Buy Transaction	13,702	5.8500 USD
Common	Buy Transaction	337	5.8529 USD
Common	Buy Transaction	391	5.8531 USD
Common	Buy Transaction	5,219	5.8544 USD
Common	Buy Transaction	100	5.8550 USD
Common	Buy Transaction	375	5.8550 USD
Common	Buy Transaction	400	5.8551 USD
Common	Buy Transaction	2,221	5.8573 USD
Common	Buy Transaction	2,656	5.8579 USD
Common	Buy Transaction	2,415	5.8581 USD
Common	Buy Transaction	3,389	5.8582 USD
Common	Buy Transaction	656	5.8596 USD
Common	Buy Transaction	822	5.8598 USD
Common	Buy Transaction	2,159	5.8600 USD
Common	Buy Transaction	3,011	5.8602 USD
Common	Buy Transaction	630	5.8606 USD
Common	Buy Transaction	2,169	5.8613 USD
Common	Buy Transaction	363	5.8613 USD
Common	Buy Transaction	2,348	5.8626 USD
Common	Buy Transaction	475	5.8627 USD
Common	Buy Transaction	2,501	5.8627 USD
Common	Buy Transaction	924	5.8627 USD
Common	Buy Transaction	1,531	5.8632 USD
Common	Buy Transaction	4,064	5.8641 USD
Common	Buy Transaction	109	5.8642 USD
Common	Buy Transaction	200	5.8650 USD
Common	Buy Transaction	621	5.8661 USD
Common	Buy Transaction	247	5.8664 USD
Common	Buy Transaction	291	5.8666 USD
Common	Buy Transaction	678	5.8667 USD
Common	Buy Transaction	1,598	5.8668 USD
Common	Buy Transaction	917	5.8678 USD
Common	Buy Transaction	168	5.8690 USD
Common	Buy Transaction	7,554	5.8693 USD
Common	Buy Transaction	2,881	5.8694 USD
Common	Buy Transaction	2,677	5.8700 USD
Common	Buy Transaction	332	5.8720 USD
Common	Buy Transaction	190	5.8721 USD
Common	Buy Transaction	677	5.8721 USD
Common	Buy Transaction	718	5.8723 USD
Common	Buy Transaction	13,353	5.8727 USD
Common	Buy Transaction	1,100	5.8727 USD
Common	Buy Transaction	687	5.8730 USD
Common	Buy Transaction	916	5.8737 USD
Common	Buy Transaction	4,083	5.8742 USD
Common	Buy Transaction	938	5.8743 USD
Common	Buy Transaction	418	5.8763 USD
Common	Buy Transaction	118	5.8769 USD
Common	Buy Transaction	1,826	5.8779 USD
Common	Buy Transaction	2,499	5.8779 USD
Common	Buy Transaction	685	5.8787 USD
Common	Buy Transaction	168	5.8792 USD
Common	Buy Transaction	695	5.8794 USD
Common	Buy Transaction	166	5.8796 USD
Common	Buy Transaction	18,780	5.8800 USD
Common	Buy Transaction	9,931	5.8805 USD
Common	Buy Transaction	59	5.8812 USD
Common	Buy Transaction	17	5.8818 USD
Common	Buy Transaction	1,953	5.8823 USD
Common	Buy Transaction	2	5.8825 USD
Common	Buy Transaction	9,971	5.8837 USD
Common	Buy Transaction	16,915	5.8843 USD
Common	Buy Transaction	35,427	5.8900 USD
Common	Buy Transaction	363	5.8931 USD
Common	Buy Transaction	2,450	5.8935 USD
Common	Buy Transaction	80	5.8971 USD
Common	Buy Transaction	715	5.8976 USD
Common	Buy Transaction	372	5.9000 USD
Common	Buy Transaction	3	5.9033 USD
Common	Buy Transaction	2,245	5.9037 USD
Common	Buy Transaction	101	5.9050 USD
Common	Buy Transaction	1,220	5.9199 USD
Common	Buy Transaction	1,204	5.9200 USD
Common	Buy Transaction	1,200	5.9202 USD
Common	Buy Transaction	800	5.9210 USD
Common	Buy Transaction	16	5.9300 USD
Common	Sell Transaction	1,400	5.7607 USD
Common	Sell Transaction	100	5.7850 USD
Common	Sell Transaction	133	5.7900 USD
Common	Sell Transaction	1,808	5.7950 USD
Common	Sell Transaction	20	5.7995 USD
Common	Sell Transaction	30,532	5.8000 USD
Common	Sell Transaction	3,300	5.8033 USD
Common	Sell Transaction	4,300	5.8052 USD
Common	Sell Transaction	418	5.8053 USD
Common	Sell Transaction	1,300	5.8054 USD
Common	Sell Transaction	460	5.8085 USD
Common	Sell Transaction	2,400	5.8092 USD
Common	Sell Transaction	1,366	5.8099 USD
Common	Sell Transaction	2,738	5.8100 USD
Common	Sell Transaction	105	5.8138 USD
Common	Sell Transaction	101	5.8150 USD
Common	Sell Transaction	1,300	5.8288 USD
Common	Sell Transaction	1,000	5.8300 USD
Common	Sell Transaction	500	5.8350 USD
Common	Sell Transaction	2,387	5.8400 USD
Common	Sell Transaction	603	5.8438 USD
Common	Sell Transaction	19,500	5.8462 USD
Common	Sell Transaction	145	5.8464 USD
Common	Sell Transaction	791	5.8472 USD
Common	Sell Transaction	8,471	5.8500 USD
Common	Sell Transaction	5,248	5.8513 USD
Common	Sell Transaction	1,049	5.8541 USD
Common	Sell Transaction	3,225	5.8542 USD
Common	Sell Transaction	200	5.8550 USD
Common	Sell Transaction	432	5.8554 USD
Common	Sell Transaction	1,200	5.8558 USD
Common	Sell Transaction	1,300	5.8581 USD
Common	Sell Transaction	421	5.8599 USD
Common	Sell Transaction	528	5.8599 USD
Common	Sell Transaction	41,323	5.8600 USD
Common	Sell Transaction	8,806	5.8613 USD
Common	Sell Transaction	3,197	5.8613 USD
Common	Sell Transaction	299	5.8614 USD
Common	Sell Transaction	300	5.8617 USD
Common	Sell Transaction	18,493	5.8617 USD
Common	Sell Transaction	66	5.8624 USD
Common	Sell Transaction	12,613	5.8627 USD
Common	Sell Transaction	162	5.8640 USD
Common	Sell Transaction	2,786	5.8647 USD
Common	Sell Transaction	102	5.8650 USD
Common	Sell Transaction	410	5.8653 USD
Common	Sell Transaction	1,861	5.8665 USD
Common	Sell Transaction	518	5.8693 USD
Common	Sell Transaction	2,076	5.8700 USD
Common	Sell Transaction	191	5.8701 USD
Common	Sell Transaction	248	5.8702 USD
Common	Sell Transaction	28	5.8732 USD
Common	Sell Transaction	1,230	5.8734 USD
Common	Sell Transaction	573	5.8738 USD
Common	Sell Transaction	23	5.8765 USD
Common	Sell Transaction	425	5.8774 USD
Common	Sell Transaction	21,797	5.8775 USD
Common	Sell Transaction	4,490	5.8776 USD
Common	Sell Transaction	1,294	5.8782 USD
Common	Sell Transaction	296	5.8784 USD
Common	Sell Transaction	136	5.8788 USD
Common	Sell Transaction	10	5.8790 USD
Common	Sell Transaction	1,374	5.8793 USD
Common	Sell Transaction	5,085	5.8795 USD
Common	Sell Transaction	23,879	5.8800 USD
Common	Sell Transaction	660	5.8802 USD
Common	Sell Transaction	153	5.8810 USD
Common	Sell Transaction	300	5.8817 USD
Common	Sell Transaction	4,491	5.8826 USD
Common	Sell Transaction	28,591	5.8844 USD
Common	Sell Transaction	1,200	5.8850 USD
Common	Sell Transaction	109	5.8850 USD
Common	Sell Transaction	278	5.8888 USD
Common	Sell Transaction	30,369	5.8900 USD
Common	Sell Transaction	5,417	5.8922 USD
Common	Sell Transaction	1,953	5.8925 USD
Common	Sell Transaction	7,140	5.8941 USD
Common	Sell Transaction	185	5.8946 USD
Common	Sell Transaction	134	5.8949 USD
Common	Sell Transaction	5,053	5.8949 USD
Common	Sell Transaction	1,318	5.8951 USD
Common	Sell Transaction	843	5.8953 USD
Common	Sell Transaction	3,700	5.8954 USD
Common	Sell Transaction	1,526	5.8954 USD
Common	Sell Transaction	606	5.8967 USD
Common	Sell Transaction	4,610	5.8990 USD
Common	Sell Transaction	274	5.8993 USD
Common	Sell Transaction	241	5.8995 USD
Common	Sell Transaction	407	5.9003 USD
Common	Sell Transaction	1,660	5.9006 USD
Common	Sell Transaction	6	5.9033 USD
Common	Sell Transaction	212	5.9047 USD
Common	Sell Transaction	220	5.9047 USD
Common	Sell Transaction	299	5.9100 USD
Common	Sell Transaction	702	5.9107 USD
Common	Sell Transaction	17	5.9188 USD
Common	Sell Transaction	183	5.9189 USD
Common	Sell Transaction	830	5.9196 USD
Common	Sell Transaction	6,942	5.9199 USD
Common	Sell Transaction	185,617	5.9200 USD
Common	Sell Transaction	201	5.9201 USD
Common	Sell Transaction	1,000	5.9208 USD
Common	Sell Transaction	380	5.9297 USD
Common	Sell Transaction	418	5.9300 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	Block Tx	12,500	6.0000 USD	American	2026-01-16	0.6933 USD
Common	Put Option	Buy Transaction	700	5.0000 USD	American	2025-11-21	0.1500 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2025-11-21	0.1700 USD
Common	Put Option	Buy Transaction	100	4.0000 USD	American	2026-04-17	0.1900 USD
Common	Put Option	Buy Transaction	1,500	4.0000 USD	American	2026-07-17	0.3000 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-04-17	0.4200 USD
Common	Put Option	Buy Transaction	200	5.0000 USD	American	2026-04-17	0.4300 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-04-17	0.4400 USD
Common	Call Option	Buy Transaction	200	6.0000 USD	American	2026-04-17	0.8700 USD
Common	Put Option	Sell Transaction	100	3.0000 USD	American	2026-07-17	0.0800 USD
Common	Call Option	Sell Transaction	400	6.0000 USD	American	2025-10-17	0.1400 USD
Common	Call Option	Sell Transaction	1,100	6.0000 USD	American	2025-10-17	0.1500 USD
Common	Call Option	Sell Transaction	200	7.0000 USD	American	2025-11-21	0.2000 USD
Common	Put Option	Sell Transaction	100	4.0000 USD	American	2026-07-17	0.2600 USD
Common	Put Option	Sell Transaction	65,000	4.0000 USD	American	2026-07-17	0.3000 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-01-16	0.3100 USD
Common	Put Option	Sell Transaction	400	5.0000 USD	American	2026-04-17	0.3600 USD
Common	Call Option	Sell Transaction	100	10.0000 USD	American	2026-12-18	0.3800 USD
Common	Put Option	Sell Transaction	100	5.0000 USD	American	2026-04-17	0.4300 USD
Common	Call Option	Sell Transaction	3,300	6.0000 USD	American	2026-01-16	0.6900 USD
Common	Call Option	Sell Transaction	1,100	6.0000 USD	American	2026-01-16	0.7000 USD
Common	Put Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.7200 USD
Common	Put Option	Sell Transaction	4,300	6.0000 USD	American	2026-01-16	0.8000 USD
Common	Call Option	Sell Transaction	200	5.0000 USD	American	2025-10-17	0.9000 USD
Common	Call Option	Sell Transaction	200	5.0000 USD	American	2025-10-17	0.9100 USD
Common	Call Option	Sell Transaction	400	5.0000 USD	American	2025-10-17	0.9200 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2026-04-17	1.4300 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:	9 October 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	-900	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	9,500	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Put Option	Purchased	-3,300	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	19,000	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-217,400	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	48,500	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-3,800	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-900	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	2,800	7.0 USD	American	17/07/2026
Common	Put Option	Purchased	-800	5.0 USD	American	21/11/2025
Common	Call Option	Purchased	5,800	7.0 USD	American	18/12/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-10,300	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Put Option	Purchased	-200	7.0 USD	American	16/01/2026
Common	Call Option	Purchased	200	8.0 USD	American	21/11/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,500	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	38,100	10.0 USD	American	17/07/2026
Common	Put Option	Purchased	-2,200	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	175,900	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-100	6.0 USD	American	17/04/2026
Common	Call Option	Sold	-508,400	7.0 USD	American	17/04/2026
Common	Put Option	Sold	100	4.0 USD	American	17/04/2026
Common	Call Option	Sold	-800	4.0 USD	American	17/07/2026
Common	Put Option	Sold	62,600	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-52,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Put Option	Sold	91,400	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-400	8.0 USD	American	17/04/2026
Common	Call Option	Sold	-200	10.0 USD	American	17/04/2026
Common	Put Option	Sold	100	5.0 USD	American	18/12/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Put Option	Sold	100	3.0 USD	American	17/07/2026
Common	Put Option	Sold	1,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-200	8.0 USD	American	16/01/2026
Common	Call Option	Sold	-300	9.0 USD	American	17/04/2026
Common	Put Option	Sold	500	6.0 USD	American	21/11/2025
Common	Call Option	Sold	-153,500	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-8,400	6.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,900	7.0 USD	American	21/11/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	10.0 USD	American	18/12/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-800	6.0 USD	American	21/11/2025
Common	Call Option	Sold	-1,000	5.0 USD	American	21/01/2028
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026

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 .