Form 8.3 - National Express Group plc

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:

Barclays PLC.

(b)

Owner or controller of interest and short

positions disclosed, if different from 1(a):

(c)

Name of offeror/offeree in relation to whose

NATIONAL EXPRESS GROUP PLC

relevant securities this form relates:

(d)

If an exempt fund manager connected with an

offeror/offeree, state this and specify identity of

offeror/offeree:

(e)

Date position held/dealing undertaken:

03 May 2022

(f)

In addition to the company in 1(c) above, is the discloser making

YES:

disclosures in respect of any other party to the offer?

STAGECOACH GROUP PLC

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(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:

5p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

2,701,686

0.44%

8,665,675

1.41%

(2)

Cash-settled derivatives:

15,481,148

2.52%

2,226,063

0.36%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

18,182,834

2.96%

10,891,738

1.77%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a)

Purchases and sales

Class of relevant

Purchase/sale

Number of

Price per unit

security

securities

5p ordinary

Purchase

59

2.4830 GBP

5p ordinary

Purchase

466

2.5408 GBP

5p ordinary

Purchase

606

2.4860 GBP

5p ordinary

Purchase

1,672

2.5231 GBP

5p ordinary

Purchase

2,250

2.5360 GBP

5p ordinary

Purchase

2,529

2.5261 GBP

5p ordinary

Purchase

3,156

2.5171 GBP

5p ordinary

Purchase

3,415

2.5161 GBP

5p ordinary

Purchase

4,249

2.5370 GBP

5p ordinary

Purchase

4,688

2.5287 GBP

5p ordinary

Purchase

8,066

2.5330 GBP

5p ordinary

Purchase

8,263

2.5426 GBP

5p ordinary

Purchase

9,309

2.5255 GBP

5p ordinary

Purchase

10,278

2.5111 GBP

5p ordinary

Purchase

15,172

2.5169 GBP

5p ordinary

Sale

126

2.5173 GBP

5p ordinary

Sale

693

2.5160 GBP

5p ordinary

Sale

828

2.5149 GBP

5p ordinary

Sale

1,170

2.5162 GBP

5p ordinary

Sale

1,194

2.5345 GBP

5p ordinary

Sale

1,355

2.5320 GBP

5p ordinary

Sale

1,470

2.5433 GBP

5p ordinary

Sale

2,241

2.5190 GBP

5p ordinary

Sale

3,435

2.5415 GBP

5p ordinary

Sale

3,850

2.5217 GBP

5p ordinary

Sale

4,500

2.5360 GBP

5p ordinary

Sale

4,558

2.5256 GBP

5p ordinary

Sale

6,547

2.5115 GBP

5p ordinary

Sale

7,343

2.5251 GBP

5p ordinary

Sale

8,891

2.5293 GBP

5p ordinary

Sale

12,370

2.5200 GBP

5p ordinary

Sale

14,640

2.5279 GBP

5p ordinary

Sale

16,453

2.5322 GBP

5p ordinary

Sale

23,434

2.5153 GBP

5p ordinary

Sale

57,747

2.5265 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

5p ordinary

 CFD

Long

35

2.5280 GBP

5p ordinary

 SWAP

Long

126

2.5173 GBP

5p ordinary

 SWAP

Long

1,170

2.5162 GBP

5p ordinary

 SWAP

Long

2,241

2.5190 GBP

5p ordinary

 SWAP

Long

3,850

2.5217 GBP

5p ordinary

 SWAP

Long

4,558

2.5256 GBP

5p ordinary

 SWAP

Long

4,583

2.5132 GBP

5p ordinary

 SWAP

Long

5,023

2.5266 GBP

5p ordinary

 SWAP

Long

6,547

2.5115 GBP

5p ordinary

 SWAP

Long

7,132

2.5222 GBP

5p ordinary

 CFD

Long

7,717

2.5139 GBP

5p ordinary

 SWAP

Long

12,370

2.5200 GBP

5p ordinary

 CFD

Long

14,605

2.5279 GBP

5p ordinary

 SWAP

Long

16,453

2.5322 GBP

5p ordinary

 SWAP

Long

18,127

2.5309 GBP

5p ordinary

 SWAP

Long

29,553

2.5298 GBP

5p ordinary

 SWAP

Short

980

2.5257 GBP

5p ordinary

 SWAP

Short

4,249

2.5370 GBP

5p ordinary

 SWAP

Short

6,677

2.5206 GBP

5p ordinary

 SWAP

Short

6,822

2.5081 GBP

5p ordinary

 SWAP

Short

8,263

2.5426 GBP

5p ordinary

 SWAP

Short

9,309

2.5255 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings 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:

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 of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

4 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213