<div id="readability-page-1"><div>RNS Number : 4697N JPMorgan Securities Plc 02 January 2026 FORM 8.5 (EPT/RI)PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITYRule 8.5 of the Takeover Code (the &#34;Code&#34;)1. KEY INFORMATION<div><table><tbody><tr><td>(a) Name of exempt principal trader: </td><td>J.P. Morgan Securities Plc</td></tr><tr><td>(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree</td><td>Dowlais Group plc</td></tr><tr><td>(c) Name of the party to the offer with which exempt principal trader is connected:</td><td>Financial advisor to American Axle &amp; Manufacturing Holdings, Inc.</td></tr><tr><td>(d) Date dealing undertaken:</td><td>31 December 2025</td></tr><tr><td>(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state &#34;N/A&#34;</td><td>Yes, American Axle &amp; Manufacturing Holdings, Inc.</td></tr></tbody></table></div>2. DEALINGS BY THE EXEMPT PRINCIPAL TRADERWhere there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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<div><table><tbody><tr><td>Class of relevant security</td><td>Purchases/ sales</td><td>Total number of securities</td><td>Highest price per unit paid/received</td><td>Lowest price per unit paid/received</td></tr><tr><td rowspan="2">1p ordinary</td><td>Purchase</td><td>40,201</td><td>0.8400 GBP</td><td>0.8380 GBP</td></tr><tr><td> Sale</td><td> 39,355</td><td> 0.8420 GBP</td><td> 0.8399 GBP</td></tr></tbody></table></div>(b) Cash-settled derivative transactions<div><table><tbody><tr><td>Class of relevant security</td><td>Product descriptione.g. CFD</td><td>Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position</td><td>Number of reference securities</td><td>Price per unit</td></tr><tr><td rowspan="2">1p ordinary</td><td>Equity Swap</td><td>Decrease Long</td><td>1,928</td><td>0.8380 GBP</td></tr><tr><td> </td><td> Decrease Short</td><td> 1,082</td><td> 0.8420 GBP</td></tr></tbody></table></div>(c) Stock-settled derivative transactions (including options)(i) Writing, selling, purchasing or varying<ul><li>Class of relevant security</li><li>Product description e.g. call option</li><li>Writing, purchasing, selling, varying etc.</li><li>Number of securities to which option relates</li><li>Exercise price per unit</li><li>Typee.g. American, European etc.</li><li>Expiry date</li><li>Option money paid/ received per unit</li></ul>(ii) Exercise<ul><li>Class of relevant security</li><li>Product descriptione.g. call option</li><li>Exercising/ exercised against</li><li>Number of securities</li><li>Exercise price per unit</li></ul>(d) Other dealings (including subscribing for new securities)<ul><li>Class of relevant security</li><li>Nature of dealinge.g. subscription, conversion</li><li>Details</li><li>Price per unit (if applicable)</li></ul>3. OTHER INFORMATION(a) Indemnity and other dealing arrangements<ul><li>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 exempt principal trader 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 &#34;none&#34;</li><li>None</li></ul>(b) Agreements, arrangements or understandings relating to options or derivatives<ul><li>Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader 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 &#34;none&#34;</li><li>None</li></ul><div><table><tbody><tr><td>Date of disclosure:</td><td>02 January 2026</td></tr><tr><td>Contact name:</td><td>Hetvi Shah</td></tr><tr><td>Telephone number:</td><td>44 2034 936359</td></tr></tbody></table></div>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 dealing disclosure requirements on +44 (0) 20 7638 0129.The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. 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J.P. Morgan Securities Plc disclosed its dealings in Dowlais Group PLC as part of a public disclosure under Rule 8.5 of the Takeover Code. On December 31, 2025, the firm purchased 40,201 ordinary shares at prices ranging from £0.8380 to £0.8400 and sold 39,355 shares at prices between £0.8399 and £0.8420. The disclosure also includes information about cash-settled derivatives and confirms no indemnity or option arrangements exist. The report was made public on January 2, 2026.

REG - JPMorgan Sec.Plc Dowlais Group PLC - Form 8.5 (EPT/RI)-Dowlais Group plc