Form 8.5 (EPT/RI)-Replacement of Alphawave I

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

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(a) Name of exempt principal trader:	Morgan Stanley & Co. International plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Alphawave IP Group plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Alphawave IP Group plc
(d) Date dealing undertaken:	27 October 2025
(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 "N/A"	YES- Alphawave IP Group plc

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
1p ordinary	PURCHASES	5,678,098	2.0120 GBP	1.7700 GBP
1p ordinary	SALES	5,520,437	2.0140 GBP	1.7700 GBP
1p ordinary	SALES	677,179	2.6229 USD	2.4083 USD
1p ordinary	PURCHASES	2,538,905	2.6346 USD	2.4096 USD

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
1p ordinary	CFD	increasing a long position	4,149	1.8791 GBP
1p ordinary	CFD	increasing a long position	2,156	1.9102 GBP
1p ordinary	CFD	increasing a long position	2,632	1.9355 GBP
1p ordinary	CFD	increasing a long position	51	1.9480 GBP
1p ordinary	CFD	increasing a long position	537,326	1.9480 GBP
1p ordinary	CFD	increasing a long position	271,415	1.9480 GBP
1p ordinary	CFD	increasing a long position	63	1.9483 GBP
1p ordinary	CFD	increasing a long position	92	1.9564 GBP
1p ordinary	CFD	increasing a long position	10	1.9697 GBP
1p ordinary	CFD	increasing a short position	1	1.7890 GBP
1p ordinary	CFD	increasing a short position	5,655	1.9120 GBP
1p ordinary	CFD	increasing a short position	116,778	1.9470 GBP
1p ordinary	CFD	increasing a short position	31,947	1.9470 GBP
1p ordinary	CFD	increasing a short position	37,952	1.9470 GBP
1p ordinary	CFD	increasing a short position	18,932	1.9480 GBP
1p ordinary	CFD	increasing a short position	3,343	1.9567 GBP
1p ordinary	CFD	increasing a short position	100,000	1.9595 GBP
1p ordinary	CFD	increasing a short position	82,507	1.9712 GBP
1p ordinary	CFD	increasing a short position	14,010	1.9712 GBP
1p ordinary	CFD	increasing a short position	525,206	1.9712 GBP
1p ordinary	CFD	increasing a short position	378,277	1.9712 GBP
1p ordinary	CFD	increasing a short position	15,468	1.9743 GBP
1p ordinary	CFD	increasing a short position	200,000	2.5046 USD
1p ordinary	CFD	increasing a short position	42,890	2.5143 USD
1p ordinary	CFD	increasing a short position	244,236	2.5143 USD
1p ordinary	CFD	increasing a short position	51,685	2.5143 USD
1p ordinary	CFD	increasing a short position	300,494	2.5143 USD
1p ordinary	CFD	increasing a short position	192,200	2.6218 USD
1p ordinary	CFD	reducing a long position	6,352	1.8607 GBP
1p ordinary	CFD	reducing a long position	3,128	1.9104 GBP
1p ordinary	CFD	reducing a long position	10,341	1.9120 GBP
1p ordinary	CFD	reducing a long position	2,000	1.9358 GBP
1p ordinary	CFD	reducing a long position	562	1.9521 GBP
1p ordinary	CFD	reducing a long position	1,404	1.9567 GBP
1p ordinary	CFD	reducing a long position	910	1.9707 GBP
1p ordinary	CFD	reducing a long position	9	1.9760 GBP
1p ordinary	CFD	reducing a short position	7,352	1.8985 GBP
1p ordinary	CFD	reducing a short position	109,400	1.9068 GBP
1p ordinary	CFD	reducing a short position	63,284	1.9068 GBP
1p ordinary	CFD	reducing a short position	22,833	1.9068 GBP
1p ordinary	CFD	reducing a short position	32,101	1.9068 GBP
1p ordinary	CFD	reducing a short position	20,053	1.9068 GBP
1p ordinary	CFD	reducing a short position	39,958	1.9068 GBP
1p ordinary	CFD	reducing a short position	70,845	1.9068 GBP
1p ordinary	CFD	reducing a short position	22	1.9068 GBP
1p ordinary	CFD	reducing a short position	3,515	1.9480 GBP
1p ordinary	CFD	reducing a short position	18,811	1.9480 GBP
1p ordinary	CFD	reducing a short position	5,655	1.9483 GBP
1p ordinary	CFD	reducing a short position	2	1.9685 GBP
1p ordinary	CFD	reducing a short position	121,760	2.4083 USD
1p ordinary	CFD	reducing a short position	95,155	2.6109 USD
1p ordinary	CFD	reducing a short position	52,864	2.6229 USD

Date of disclosure:	29 October 2025
Contact name:	Claire Gordon
Telephone number:	+44 141 245-8893

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