Disclosure of Short Position

TR-3:

Disclosure of Disclosable Short Position relating to Securities which are the subject of a rights issue

1. Full name of person(s) holding the disclosable short position:

GAM Equity Four Inc

2: Name of the issuer of the relevant securities

National Express (NEX)

3: Disclosable short position

0.69%

4. Date that disclosable short position was reached or exceeded

09/12/09