AGM update and Board appointment

AGM update and Board appointment

The Board of National Express Group is pleased to announce that, following discussions, Elliott Advisors (UK) Ltd, its largest shareholder, has withdrawn its three resolutions from today's Annual General Meeting and has committed to support the Board and management on all other motions.

The Board and Elliott have also reached agreement that, subject to certain conditions, Elliott will not, inter alia, call a general meeting or seek to agitate against the company, its Board or management publicly until after the Company's 2012 AGM at the earliest.

As highlighted in the Group's IMS on May 5th 2011, the process to bring additional non-executive expertise onto the Board is progressing well. The Board has decided to seek to appoint three new independent non-executive directors, with at least one new director having experience in the North American market and one in the Continental European market.

As previously announced, the Board included all three candidates proposed by Elliott in its review. Of these, one candidate, Chris Muntwyler, was shortlisted and has now been offered a role as an independent non-executive director, with effect from 11th May 2011.

The Board remains committed to its existing growth strategy and to creating long-term value for all shareholders.

John Devaney, Chairman, said: "National Express has a duty to deliver long-term value to all its shareholders and we are very pleased with the support for our existing strategy shown by so many of our investors in recent weeks. On behalf of the whole Board I would like to express my gratitude to the Cosmen family for their help in resolving this complicated situation to everyone's satisfaction. I would also like to welcome Chris to the Board where his significant experience of the transport and logistics industries will be a considerable asset."

"With this behind us, the Board and management can focus wholly on the important task of developing the business."

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